The expected value for the person buying the insurance is -25.
<h3>How the expected value is calculated?</h3>
The expected value is the average gain or loss of an event if the event is repeated a number of times.
Expected value = ∑xP(x)
<h3>Calculation:</h3>
It is given that,
The probability of a 47-year-old woman passing away during the coming year is 0.179% = 0.00179
The death benefit = $100,000 - $204 = $99,796
The loss from living = -204
Then the expected value = 99796(0.00179) + (-204)(0.99821) = -25
Therefore, the expected value for the person buying the insurance is -25.
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Answer:
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Step-by-step explanation:
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1/5 would be the correct one.
Answer:
50 % probability that the hat is blue.
Step-by-step explanation:
3 blue and 3 black = 6 total tickets
3/6 chance of blue and 3/6 change of it being black
3/6 = 1/2 = 0.5 = 50%
