Kyle has to make a decision about his health insurance. Under one plan, the monthly cost of insurance is $15, but if he visits a
doctor, he has to pay $50 for an office visit.
Kyle estimates that he has a 0.05 probability of needing to visit a doctor in any given month.
What is the expected monthly value of this plan for Kyle?
2 answers:
100 - 0.05 = 0.95
Expected monthly cost =
Monthly cost x 0.95 + office visit x 0.05
15 x 0.95 + 50 x 0.05
14.25 + 2.50 = $16.75
Answer:
The expected monthly cost value should be 17.50.
Step-by-step explanation:
15 * 0.95 + (15 + 50)*0.05 = 17.5
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