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In: Statistics and Probability

A motorist makes three driving errors, each independently resulting in an accident with probability 0.25. Each...

A motorist makes three driving errors, each independently resulting in an accident with probability 0.25.

Each accident results in a loss that is exponentially distributed with mean 0.80. Losses are mutually independent and independent of the number of accidents.

The motorist's insurer reimburses 70% of each loss due to an accident.

Calculate the variance of the total unreimbursed loss the motorist experiences due to accidents resulting from these driving errors

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orchestra answered 2 years ago
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