Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Question 5 (1 point) On average, each insurance claim forwarded to a certain division of an insurance company has a 63% chance of getting approved

image text in transcribedimage text in transcribed
Question 5 (1 point) On average, each insurance claim forwarded to a certain division of an insurance company has a 63% chance of getting approved after the preliminary review. In addition to that, all claims forwarded to this office are assumed to be independent of each other. Suppose on a given day 5 claims are forwarded to this office. What is the probability that at least one of the 5 claims will be approved after the preliminary review? Notes: 1- Your final answer should be expressed as a decimal and not a percentage. 2- Only round your final answer to 4 decimal places. Enter your final answer with _l decimal places. Your Answer: Answer Question 6 (1 point) A certain Nike store records the behaviour of all customers for a week to see how likely it is that they will buy a pair of shoes from the new display. Among the 1185 people observed, they figure out that the probability of a customer making a purchase is 35.9%. What is the probability that a customer doesn't make a purchase? Notes: 1- Enter your answer with 1 decimal places. 2- Report the probability as a percentage. However, do not use the percentage symbol in your answer. For instance, if the answer is 65.3%, only enter 65.3. Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: James Jiambalvo

6th edition

978-1119158011

Students also viewed these Mathematics questions