An insurance company sells policies where, for each policy, the policyholder pays the first 50 of the cost of any claim. A claim reported to the insurance company takes some unknown value x.
Identify which of the mathematical expressions below represents the cost in to the insurance company of the claim.
In a small island nation, local sea vessels are identified using "a letter and 4 digits" classification system. The "letter" can be any of the 26 letters in the English alphabet, A to Z, while the "digit" can be any number from 0 to 9. E.g: Z9835.
Calculate the probability of a sea vessel having an identification ending in "007".