Art, Music, and Creative Writing homework help. an insurance company will insure a$50000 diamond for its full value againtst theft at a premium of $400 per year. Suppose that the probanility that the dimond will be stolen is .005, and let x denote the insurance company’s profit.a) set up the probability distribution of the random variable x.b) calculate the insurance company’s expected profit.c) Find the premium that the insurance company should chare if it wants its expected profit to be $1000.
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