Answer:
The question is about the least amount to charge each policyholder as premium
The least premium is $484
Step-by-step explanation:
The least amount of premium to charge for this policy is the sum of the expected values of outcome of both instances of policyholder dying before the age of 70 and living after the age of 70 years
expected value of dying before 70 years=payout*probability=$24,200*2%=$484
Expected of living after 70=payout*probability=$0*98%=$0
sum of expected values=$484+$0=$484
Note that payout is nil if policyholder lives beyond 70 years
The premium of $573 means that a profit of $89 is recorded
The sale price would be 18 dollars. Hope this helps you!
You would subtract how many times Dion tagged bill with how many times bill tagged Dion, so 12 - 7 = 5
Answer:
The probability distribution for x:"number of children per family for this income group" is:
Step-by-step explanation:
With the information given we have the relative frequencies of each category.
We know:
Add 4 to both sides
x - 4 < -3
x-4+4 < -3+4
x < 1
To graph this on a number line, plot an open circle at 1 on the number line. Do not fill in the open circle. Shade to the left of the open circle. The shaded region represents all x values smaller than 1.
The graph is shown below.
