3. (10 pts) There is a 0.9986 probability that a random selected 30-year-old male lives through the year. A Fidelity life insurance company charges $161 for insuring that the male will live through the year. If the male does not survive the year, the policy says out $100,000 as a death benefit. If a 30-year-old male purchase the policy, what is his expected value?
x, Net Gain |
P(x), probability of Net Gain |
3. (10 pts) There is a 0.9986 probability that a random selected 30-year-old male lives through...
There is a 0.9984 probability that a randomly selected 29-year-old male lives through the year. A life insurance company charges $185 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $90,000 as a death benefit. Complete parts (a) through (c) below a. From the perspective of the 29-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The...
There is a 0.9958 probability that a randomly selected 28-year-old male lives through the year. A life insurance company charges $172 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $120,000 as a death benefit Complete parts (a) through (c) below. a. From the perspective of the 28-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The...
There is a 0.9988 probability that a randomly selected 27-year-old male lives through the year. A life insurance company charges $170 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $120,000 as a death benefit. Complete parts (a) through (c) below. a. From the perspective of the 2727-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?The value...
There is a 0.9989 probability that a randomly selected 29-year-old male lives through the year. A life insurance company charges $197 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $100,000 as a death benefit. Complete parts (a) through (c) below. a. From the perspective of the 29-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The...
Life Insurance: A life insurance company wants to estimate the probability that a 40-year-old male will live through the next year. In a sample of 8000 such men from prior years, 7995 lived through the year. Use the relative frequency approximation to estimate the probability that a randomly selected 40-year-old male will live through the next year. Round your answer to 4 decimal places. P(he lives through the year) =
A life insurance company charges a 30 year old male a premium of $250 for a $100,000 one-year life insurance policy. Suppose a 30 year old male has a 0.9985 probability of living for a year (based on data from the National Center for Health Statistics). (b) Is it worth for buying this insurance? Why?
12. A popular casino game is three-card poker. One aspect of the game is the "pair-plus" bet in which a player is paid a dollar amount for any hand of a pair or better, regardless of the the dealer has. The table shows the profit and probability for various hands of a player playing the $6 pair-plus bet. Profit (S) Probability Straight flush 200 12/5525 Three of a kind (425 36/1105 274/5525 150 30 20 6 72/425 Flush Other 822/1105...
Answer all questions This Question: 1 pt 3 of 10 (10 complete)Y This Test: 10 pts possibl There is a 0 9991 probability that a randomly selected 30 year-old male lives through the year A lile insurance year If the male does not survive the year, the policy pays out $90,000 as a death benefit Complete parts (a) through (c) below a. From the perspective of the 30-year-old male, what are the monetary values corresponding to the two events of...
better photo s t insurance company charges 515 fo ring that the male will live through the year if the male does not survive the year, the There is a policy pays randomly selected 32 year old maleves through the year. A benet Complete parts(a) through (c) below a some w hat many pong to the evening the year and not surviving The vale componding to suring the years The value corresponding to surviving the years pe wegenser round) Round...
The probability that a randomly selected 2-year-old male garter snake will live to be 3 years old is 0.98492. (a) What is the probability that two randomly selected 2-year-old male garter snakes will live to be 3 years old? (b) What is the probability that five randomly selected 2-year-old male garter snakes will live to be (c) What is the probability that at least one of five randomly selected 2-year-old male garter snakes will not live to be 3 years...