For each question on a multiple-choice test, there are five possible answers, of which exactly one is correct. If a student selects answers at random, give the probability that the first question answered correctly is question 4. Present your result with 4 decimal values.
Consider the following CDF for the continuous random variable X:
What is ?
Some dental insurance policies cover the insurer only up to a certain amount, say, M. (This seems to us to be a dumb type of insurance policy because most people should want to protect themselves against large losses.) Say dental expense X is a random variable with pdf:
,
Find M so that: P(X < M) = 0.08. Present your result with two decimal values.