8 friends: 2 pounds of grapes.
Each friend get 1/4 a pounds of grapes.
Answer:
Part 1) Slope-intercept form
Part 2) The slope of 2.20 tells me the rate per mile and the y-intercept of 2.50 tells me the flat fee
Step-by-step explanation:
Part 1) we know that
The linear equation in slope intercept form is equal to

where
m is the slope or unit rate
b is the y-intercept or initial value
In this problem we have

This is a linear equation in slope intercept form
where


Part 2) we have that
x -----> represent the number of miles
y ----> represent the total charge in dollars
The slope is
---> unit rate
The y-intercept is
----> initial value or flat fee
therefore
The slope of 2.20 tells me the rate per mile and the y-intercept of 2.50 tells me the flat fee
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