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need new answer An insurance company insures businesses against storms that shut one's business. One of their policies does not pay anything for the first
need new answer
An insurance company insures businesses against storms that shut one's business. One of their policies does not pay anything for the first two such storms of the year and $5,000 for each one thereafter. History shows that on average of three such storm closings per year are expected and so we take 3 to denote the precise mean. What is the expected amount of payment by the insurance company per year on this policyStep by Step Solution
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