Answer:
a) 0.0002
b) 0.0057
c) 0.0364
Step-by-step explanation:
Lets start by stating the probabilities of a person belonging to each policy:
Standard: 0.3
Preferred: 0.5
Ultra- Preferred: 0.2
The probability of person belonging to each policy AND dying in the next year:
Standard: 0.3 x 0.015 = 0.0045
Preferred: 0.5 x 0.002 = 0.001
Ultra- Preferred: 0.2 x 0.001 = 0.0002
a) The probability a ultra - preferred policy holder dies in the next year is 0.001. To find the probability of a person being both a ultra - preferred policy holder AND die in the next year is: 0.001 x 0.2= 0.0002
b) The probability is given by adding the probabilities calculated before :
0.0045 + 0.001 + 0.0002 = 0.0057
c) We use the results above again. This is 0.0002 / (0.001 + 0.0045). The answer comes out to be 0.0364
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Answer:NUMERATORS
Step-by-step explanation:
The answer can be readily calculated using a single variable, x:
Let x = the amount being invested at an annual rate of 10%
Let (8000 - x) = the amount being invested at an annual rate of 12%
The problem is then stated as:
(x * 0.10) + ((8000 - x) * 0.12) = 900
0.10(x) + ((8000 * 0.12) - 0.12(x)) = 900
0.10(x) + 960 - 0.12(x) = 900
0.10(x) - 0.12(x) = 900 - 960
-0.02(x) = -60
-0.02(x) * -100/2 = -60 * -100/2
x = 6000 / 2
x = 3000
Thus, $3,000 is invested at 10% = $300 annually; and $8,000 - $3,000 = $5,000 invested at 12% = $600 annually, which sum to $900 annual investment.
Hope you could understand.
If you have any query, feel free to ask.
