Question

A small insurance company has determined that on average it receives 6 property damage claims per day. P left parenthesis X equals k right parenthesis space equals space fraction numerator lambda to the power of k e to the power of negative lambda end exponent over denominator k factorial end fraction k space i s space t h e space g i v e n space n u m b e r space o f space e v e n t space o c c u r r e n c e s lambda space i s space t h e space a v e r a g e space r a t e space o f space e v e n t space o c c u r r e n c e s What is the probability that the company will receive 7 property damage claims on a randomly selected day? Answer choices are rounded to the hundredths place.

Answer 1

Answer:

The probability that the company will receive 7 property damage claims on a randomly selected day is 0.137

Step-by-step explanation:

Given,

$\lambda=6$,

The probability mass function of Poisson distribution is used for evaluating the probability of the company will receive 7 property damages claims on any selected day is,

$\begin{aligned}P(X=K)&=e^{-6} \times \dfrac{6^7}{7!}\\&=0.002478\times\dfrac{279936}{5040}\\&=\dfrac{693.89136}{5040}\\P(X=7)&=0.1365927874\\P(X=7)&=0.137\; (\rm{rounded \;off})\end{aligned}$

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