Answer:
Avicenna can expect to lose money from offering these policies. In the long run, they should expect to lose ___33__ dollars on each policy sold
Step-by-step explanation:
Given :
The amount the company Avicenna must pay to the shareholder if the person die before 70 years = $ 26,500
The value of each policy = $497
It is given that there is a 2% chance that people will die before 70 years and 98% chance that people will live till the age 70.
The expected policy to be sold= policy nominal + chances of death
= 497 + [98% (no pay) + 2% (pay)]
= 497 + [98%(0) + 2%(-26500)]
(The negative sign shows that money goes out of the company)
= 497 - 2% (26500)
= 497 - 530
=33
Therefore the company loses 33 dollar on each policy sold in the long run.
Answer:
11 people will get both the prizes.
Step-by-step explanation:
In this question we need to find common integral multiples of 5 and 7 under 400. As you can see in the figure 35th person is the first one to get both ipod and psp. The LCM (least common multiple) of 5 and 7 which is 35 (!!! <em>I hope you know how to LCM of two integers </em>).
Therefore the integral multiples of 35 will be same as the common multiples of 5 and 7. So, figuring out the number of integral multiples of 35 under 400 will give the answer.
To do that divide the number 400 with 35. On performing the division the quotient will be 11 and the remainder will be 15.
Therefore 11 persons out of 400 will get both the prizes.
Similarly if you want to find the number of person getting ipod then divide 400 with 5. The quotient will be 80. ∴ 80 people will get ipod.
And for psp, divide 400 with 7. The quotient will be 57. ∴ 57 people will get psp.
In these divisions, consider just the quotient, here remainder is of no use.
