Hi, please can anyone explains me the whole question 1 in Nov 2013 india exam. I couldn't understand the answer given in solutions.
(i) I didn't get variance, anybody say? (ii) it is so tough to give full explanation , tough to understand too. As each policy has crossed 15 days, chances of occurring events is 6^100 ( number of events under Sample Space) We need m=1000(x1+x2+.......+x100) for simplicity took j=m/1000 Where 100<=j=<600 So the trick is to find binomial coefficient. Means coefficient of x^j gives Combination of occurrence of j(number of premium received). Then algebra is applied for solving. I couldn't give full, but if any point you didn't get ask specifically.
Hi, Can anyone advise how its has calculated Mean and Variance of X as well.. Its really confusing to understand the whole concept.
The examiners made an error here when calculating the variance, so no wonder you're all confused! There are two possible methods to calculate this, and I've shown you both methods in the attached document. Method 1 is the method the examiners attempted. (I've given a very detailed solution, it's not necessary to show all this in the exam.) Method 2 is MUCH easier.
Hi All, Thanks for your reply. Please can you help me understanding its ii part as well. Its based on Bionomial distribution, however really difficult to unserstand the answer mentioned in Examiner's report.
It's a bit difficult to answer your question without knowing where you're stuck. Which particular line of the examiner's solution do you not understand?
Hi katherine, The whole answer is bit tricky to understand, and the way it is solved its really confusing. Is it possible to explain the whole answer.
Since this question does not form part of ActEd's published materials, I cannot provide you with a solution. Unfortunately bespoke materials are equivalent to personal tuition, for which we charge on an hourly basis. It looks as though the kind of examples you are interested in are included in Chapter 7, Section 3.2 of our Course Notes, so I recommend you study that carefully. I also find it helps to organise your study time into topics. That way you can see lots of similar questions one after another.
