An insurance policy pays $100 per day for up to 3 days of hospitalization and then $50 per day for each day of hospitali

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An Insurance Policy Pays 100 Per Day For Up To 3 Days Of Hospitalization And Then 50 Per Day For Each Day Of Hospitali 1 (194.64 KiB) Viewed 63 times

An insurance policy pays $100 per day for up to 3 days of hospitalization and then $50 per day for each day of hospitalization thereafter for up to 2 additional days. The number of hospitalizations X is a discrete random variable with probability function 6 – k 15 k = 1,2,3,4,5 P(X = k) = otherwise Determine the expected payment for hospitalization under this policy.