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
Answer:
x = 9
Step-by-step explanation:
Use the equation of the line, and let y = 0. Then solve for x.
y = 2/3 x - 6
Let y = 0:
0 = 2/3 x - 6
Add 6 to both sides.
6 = 2/3 x
Multiply both sides by 3/2.
3/2 * 6 = x
x = 9
I might not understand this correctly because of the misspellings, but if you draw a right angle. There is only 1 right angle... in a right angle.
<h2>
Hello!</h2>
The answer is: 33.33%
<h2>Why?</h2>
Since we have the average number of accidents that occurs in 1 month, and it's equal to 3, we can calculate the probability of 1 accident occurs by dividing it into the average number of accidents, using the following formula:
Where,
Favorable outcomes are the occurrence of the event, for this case, it's equal to 1.
Outcomes are the possible occurrence of the event, for this case, it's equal to 3.
So, by substituting we have:
So, the probability will be equal to 33.33%
Have a nice day!
