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
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‘Œ 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)=5003E(Y)=\frac{500}{3}
  • P(Y>300)=310P(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)=5003E(Y)=\frac{500}{3}, (B) : P(Y>300)=310P(Y>300)=\frac{3}{10} and (C) : The median of Y is zero.
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