Question:
A university bears the yearly medical expenses of each of its employees up to a maximum of Rs. 1000. If the yearly medical expenses of an employee exceed Rs. 1000, then the employee gets the excess amount from an insurance policy up to a maximum of Rs. 500. If the yearly medical expenses of a randomly selected employee has U(250, 1750) distribution and π denotes the amount the employee gets from the insurance policy, then which of the following statements is/are true ?
A university bears the yearly medical expenses of each of its employees up to a maximum of Rs. 1000. If the yearly medical expenses of an employee exceed Rs. 1000, then the employee gets the excess amount from an insurance policy up to a maximum of Rs. 500. If the yearly medical expenses of a randomly selected employee has U(250, 1750) distribution and π denotes the amount the employee gets from the insurance policy, then which of the following statements is/are true ?
Updated On: Oct 1, 2024
- \(E(Y)=\frac{500}{3}\)
- \(P(Y>300)=\frac{3}{10}\)
- The median of Y is zero
- The quantile of order 0.6 for Y equals 100
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The Correct Option is A, B, C
Solution and Explanation
The correct option is (A) : \(E(Y)=\frac{500}{3}\), (B) : \(P(Y>300)=\frac{3}{10}\) and (C) : The median of Y is zero.
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