A company has 4 (independent) manufacturing plants, and each has $1 million in value. For simplicity reason, let us assume that the chance of a single fire destroying a whole plant in 5 year period is 5%, and there is either no loss or total loss (no partial loss). What is the probability that loss equals to $2 million? 1.35% 7.14% 2.23% 4.51%
A company has 4 (independent) manufacturing plants, and each has $1 million in value. For simplicity reason, let us assume that the chance of a single fire destroying a whole plant in 5 year period is 5%, and there is either no loss or total loss (no partial loss). What is the probability that loss equals to $2 million? 1.35% 7.14% 2.23% 4.51%
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.CR: Chapter 12 Review
Problem 15CR
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