Excluding job benefit coverage, approximately 50% of adults have purchased life
ID: 3236678 • Letter: E
Question
Excluding job benefit coverage, approximately 50% of adults have purchased life insurance. The likelihood that those aged 18 to 24 without life insurance will purchase life insurance in the next year is 10%, and for those aged 25 to 34, it is 26%. (a) Find the probability that a randomly selected adult has not purchased life insurance. (Give your answer correct to two decimal places.) (b) What is the probability that an adult aged 18 to 24 will purchase life insurance within the next year? (Give your answer correct to two decimal places.) (c) Find the probability that a randomly selected adult will be 25 to 34 years old, does not currently have life insurance, and will purchase it within the next year. (Give your answer correct to two decimal places.)
Explanation / Answer
a)
50% of adults have purchased life insurance, adults nave not purchased life insurance
= (100-50)% =50% =0.50
b) Adults do not have the insurance 50% , they will be insured next year
Probability that an adult aged 18 to 24 will be insurance within next year =10% of 0.50
0.10*0.50 =0.05 =(5%)
c) probability that a randomly selected will be 25 to 34 years old, does not currently have life insurance ,,will purchase with in the year = 26% of 0.50
=0.26*0.50 =0.13 =(13%)
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