The lifetime of a printer costing 200 is exponentially distributed with mean 2 years. The manufacturer agrees to pay a full refund to a buyer if the printer fails during the first year following its purchase, a one-half refund if it fails during the second year, and no refund for failure after the second year.
Calculate the expected total amount of refunds from the sale of 100 printers.
- 6,321
- 7,358
- 7,869
- 10,256
- 12,642
Copyright 2023. The Society of Actuaries, Schaumburg, Illinois. Reproduced with permission.
A math teacher teaches calculus at a local community college. The teacher has split his students into three groups based on attendance levels: low attendance, medium attendance and high attendance. The upcoming final exam scores are assumed to be normally distributed for each student with the mean and standard deviation dependent on the attendance level of the student:
| Attendance Level | % of students | Mean | Standard Deviation |
|---|---|---|---|
| Low | 20 | 55 | 15 |
| Medium | 50 | 70 | 7 |
| High | 30 | 75 | 5 |
The passing score is set at the highest integer value that yields an expected pass rate for high attendance students of at least 90%. Determine the expected % of students that will fail the final exam.
- 0.33
- 0.3794
- 0.4
- 0.4294
- 0.5