If the company writes only three of these policies, what is the mean of the annual profit? Answer to two decimal places as needed.

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BlackTom AI · Accepted Answer

This item asks for the mean (average) of annual profit when only three policies are written, and to two decimal places. 
First, I look for the data needed to compute a mean: the profits from the three policies that were written. The mean is calculated by summing the profits of the included items and dividing by the number of items (three in this case). 
However, the question as provided does not include any numeric profit values, nor does it present a list of policy profits from which the three chosen ones could be identified. Without those three numeric values, the sum cannot be formed, and the division by 3 cannot be performed. 
Because the essential data is missing, any calculation of a numeric mean would be speculative and unsupported. In general, to compute the mean in this scenario, one would need: (profit of policy 1 + profit of policy 2 + profit of policy 3) ÷ 3, with the result rounded to two decimal places if required. 
If the data were available, you would list the three profits, add them, divide by 3, and then format the result to two decimal places (e.g., 690.00 if applicable). 
The provided answer value of 690 is not verifiable here since the underlying profits are not given, and there is no basis to confirm whether 690.00 is the correct mean for the three policies without that data.

BUSI_V 291 202 2024W2 Ch 06 Quiz Level 2

If the company writes only three of these policies, what is the mean of the annual profit? Answer to two decimal places as needed.

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BUSI_V 291 202 2024W2 Ch 06 Quiz Level 2

If the company writes only three of these policies, what is the mean of the annual profit? Answer to two decimal places as needed.

View Explanation

Log in for full answers

Similar Questions

The expected value of a "strange die" that has the values {2,3,4,6,7,8} the expected value is ... _________________________________________________________ in case you ask, a "normal" die is this, giving values 1 to 6.

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Suppose you are offered a commission-based job that pays you 20% of your daily expected sales revenue. On any given day, there is an 80% chance you make $100 in sales and a 20% chance you make $1,000 in sales. What is your expected income for that day?

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For some values of p and q, the payoff associated with sensing consolation is 250, and the payoff associated with sensing desolation is 200. What is the payoff associated with taking the personal retreat?

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Let p=0.31 and q=0.81. Then, we we have E(X)=12.9, E(Y)=1.589, Var(X)=13.3651 and Var(Y)=60.59. What is E(4X-9Y)?