An insurance company prices its Tornado Insurance using the following assumptions In any calendar year...
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An insurance company prices its Tornado Insurance using the following assumptions In any calendar year there can be at most one tornado In any calendar year the probability of a tornado is 0 02 The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year Using the insurance company s assumptions calculate the probability that there are fewer than 2 tornadoes in a 12 year period Round your answer to four decimal places
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