An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is: Compute E(Y) Suppose an individual with Y violations incurs a surcharge of $100Y2. Calculate the expected amount of the surcharge.

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Question:

An individual who has automobile insurance from a certain company is randomly selected. Let Y be the number of moving violations for which the individual was cited during the last 3 years. The pmf of Y is:

y    |    P(Y)    

0    |     0.50  

1     |     0.20

2    |     0.25

3    |     0.05

Compute E(Y)

Suppose an individual with Y violations incurs a surcharge of $100Y2. Calculate the expected amount of the surcharge.

The expected value E(Y) is

The expected amount of the surcharge is

Step-by-step explanation:

Let Y be the number of moving violations for which the individual was cited during the last 3 years.

The given probability mass function (pmf) of Y is

y    |    P(Y)    

0    |     0.50  

1     |     0.20

2    |     0.25

3    |     0.05

Compute E(Y)

The expected value E(Y) is given by

Suppose an individual with Y violations incurs a surcharge of $100Y2. Calculate the expected amount of the surcharge.

The expected amount of the surcharge is given by

Where

So, the expected amount of the surcharge is

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