SOA Exam P Sample Question 515
Study guide: Exam P-1
Losses, X, in millions, are modeled by a distribution with density function
f(x) = \begin{cases}
k(1-x)^3, & \text{for } 0 < x < 1 \\
0, & \text{otherwise,}
\end{cases}where k is a constant.
Claim payments are limited to a maximum of 225,000.
Calculate the median claim payment.
- A)
159{,}000 - B)
173{,}000 - C)
187{,}000 - D)
200{,}000 - E)
225{,}000
Answer this question and see the worked solution