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An insurance company is considering offering fire insurance to customers in a certain state. After...

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Finance

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An insurance company is considering offering fire insurance to customers in a certain state. After examining thousands of records of insurance claims in the area, they have come up with the following information: Payout Number of Claims $54,525 21 $26,129 523 10 2,965 First convert the table into a probability distribution by dividing each number in the "Claims" column by the total number of claims. Take probability calculations to 3 decimal places. Let X be the expected payout. Find E(X), the expected value of X, to two decimal places

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