Answer:
$475
Step-by-step explanation:
There are 3 possible accident in this question
3% chance of losing $2000
0.1% chance of losing $150,000
96.9% chance of losing $0
Then the expected value that you will lose is:
3%* $2000 + (0.1% * $15000) + (96.9% * $0)= $75
Profit made by subtracting the price with the lose. If the company want average profit $400, the charge should be:
average profit = premium price - average lose
premium price= average profit + average lose
premium price= $400 + $75 = $475
After 10 years, there will have been 120 deposits. The last one earns 12%/12 = 1% interest, so is mutipied by 1.01. The one before is multiplied by 1.01². Overall, you have the sum of a geometric series of 120 terms with first term 10.10 and common ratio 1.01. That sum is given by the general formula
Sn = a1·(r^n -1)/(r -1)
S120 = 10.10(1.01^120 -1)/(1.01 -1)
S120 = 1010·2.30038689 ≈ 2323
At the end of the 10th year (before the first deposit of the 11th year), the account balance will be
$2,323
Answer is in a photo. I can only upload it to a file hosting service. link below!
bit.
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1/100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000 etc.
y-3=3(x+1)
opening the bracket
y-3=3x+3
y=3x+3+3
equation of the line in the form y=mx+c;
y=3x+6
therefore gradient=3
parallel lines have same gradient therefore gradient of the other line is 3
y--3/x-0=3
y+3=3(x-0)
y+3=3x-0
y=3x-3.
