Lenny bought a motorcycle . He paid 12.5% in tax . The tax added $1437.50 to the price of the motorcycle . What was the price of
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money can the insurance company expect to make with each policy sold .
<u>Step-by-step explanation:</u>
Here we have , A flood insurance company sells policies for $700 per year. If a customer's house is flooded, they are given $250,000 for repairs. The insurance company has calculated the chances that a house is flooded to be 1/12,500 over the year. We need to find , How much money can the insurance company expect to make with each policy sold . Let's find out:
Probability for flooding is 1/12,500 i.e. out of 12,500 people only 1 house is flooded , Amount of money collected by 12,500 people is :
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But Company will give $250,000 for repairs . So , Amount of money :
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Now , this money is from 12,500 people , so from every person they had:
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Therefore , money can the insurance company expect to make with each policy sold .
Answer:
You can see the graph below.
To answer the question, you need to draw a vertical line from x = 12h up, until the line meets with the line.
Once the line meets with the line, draw a horizontal line from that point, and the value where this line intersects with the y-axis will be the distance from home after 12 hours.
The graph is kinda hard to read because the line is really steep, the green line is the equation y = 40*x
the red line is a line at x = 12
The black dashed line is the horizontal line that intersects with the y-axis.
In the graph, you can see that the dashed line intersects the y-axis at around y = 475.
Then a good estimate is that the distance after 12 hours is 475 (miles).
Now, we can compare this with the direct calculation, just replace x by 12 in the given line:
y = 40*12 = 480.
So our estimation is really accurate.
