In any year, the weather may cause damages to a home. On a y
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In any year, the weather may cause damages to a home. On a year-to-year basis, the damage is random. Let Y denote the do
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In any year, the weather may cause damages to a home. On a year-to-year basis, the damage is random. Let Y denote the dollar value of damages in any given year. Suppose that during 95% of the year Y = $0, but during the other 5% Y = $30,000. a. What are the mean and standard deviation of damages caused in a year? b. Consider an
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