A map scale is 1:10000. If a building is 1.2cm on a map, how big is it in real life in metres?
1 answer:
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Answer:
The insurance company can make $0.78 for each policy that it sells
Step-by-step explanation:
The loss incurred to the insurance company for each death claim is:
This event has a 22 in 10 million probability of happening.
The gain for the company for each policy not claimed is:
This event has a 9,999,978 in 10 million probability of happening.
The expected value is:
Therefore, over the long run, the insurance company can make $0.78 for each policy that it sells.