Question

Given IH = \$1,500, IS = \$230, and p = 7%, what is the value of E(I)?

\$1,411.10

\$1,388.90

\$1,234

\$318.90

none of the above

Given IH=\$1500

IS=\$230

Probability of being sick=p=7%

Expected value of I=E(I)=p*IS+(1-p)*IH=0.07*230+(1-0.07)*1500=\$1411.10

Correct option is

\$1411.10

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