There is a 0.9968 probability that a randomly selected 50-year-old female lives through the year (based on data from the U.S. Department of Health and Human Services).
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A Fidelity life insurance company charges $226 for insuring that the female will live through the year. If she does not survive the year, the policy pays out $50,000 as a death benefit.
From the perspective of the 50-year-old female, what are the values corresponding to the two events of surviving the year and not surviving?
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Ans: -226 ; 50,000-226 = 49774
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If a 50-year-old female purchases the policy, what is her expected value?
WORK TRIED:
In the event she lives, the value is -$226. In the event she dies, the value is $49,774.
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E(x) = 0.9968*(-226) + 0.0032(49774) = -$66
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Cheers,
ROR
K/3 + 4 -2k = -9k
First you add 9k to both sides
<span>k/3 + 4 -2k = -9k
</span> +9k +9k
<span>k/3 + 4 + 7k = 0
</span>
Now subtract 4 from both sides
k/3 + 4 + 7<span>k = 0
</span> -4 -4
k/3 + 7<span>k = -4
</span>
Now multiply 3 by both sides
k/3 + 7<span>k = -4
</span>x3 x3 x3
k +21k = -12
Now add k + 21k
22k = -12
Now divide both sides by 22
<span>22k = -12
</span>----- -----
22 22
k = -6/11
The answer will be 656 but i cant really explain how to draw a model with the question sorry
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