Figure
We need it
Mark brainliest please
Hope this helps
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
You can use 2 step equations to solve real-world problems by assessing the situation, trial and error, As in for example;
if you cannot open a twist off bottle cap by turning it to the right. You have two options twisted to the left to loosen or turn it to the right and not open it”
“ Lefty Lucy righty tightly”
Or if you are married and your husband cheats on you you can do one or two of the following stay or a go
For example stay and be an idiot or go and love yourself and take everything he has
It's 169.6mm in total so that closer to H
170mm
