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ID: 3064783 • Letter: I
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iew History Bookmarks People Window Help a Comp x WeBWorK: MAT1372-18x A Coim is Tossed 15 Times. x What is the probablity for x Y Suppose that a pai ch.cuny.edu/webwork2/MAT 1372-518-Sirelson/HW10-Ex f Facebook N Nettlix Amazon.com:Onlin... GS Consoles, Collectib... Live subway depart.. N Tales of Demons a... G uniday Logge MATHEMATICAL ASSOCIATION OF AMERICA webwork/ mat1372-$18-sireison /hw10-expectedvalue / 6 HW10-ExpectedValue: Problem 6 Previous Problem Probiem List Next Problem (1 point) Library/Mizzou/Finite Math Probability Random Variables/Lifelns.pg Sam is applying for a single year life insurance policy worth $58,800,00. t the actuarial tabies dletermine that he will survive the next year with probability 0.994, what is his expected value for the life insurance policy if the premium is $366.00? Note: Include ooliar signs in your answer Preview My Anwers Submit Answen You have attempted this problem 0 times You have unlimned attempts remaining 0 3Explanation / Answer
Ans)) As per actuarial table, sam will survive one year with the probability=p(life)=0.994
Probability of death=1-(0.994)=0.006
Worth of life insurance policy for one year- $58,800
The premium of life insurance: $366.
Expected Value for the life insurance policy= (0.006)*58,800 - (0.994)*366=352.8-363.804= -11.004$ Ans
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