9964 probability that a randomly selected 21-year-old female lives through the year. An insurance company wants to offer her a one-year policy with a death benefit of $1,000 the company charge for this policy if it wants an expected return of $400 from all similar policies?
9964 probability that a randomly selected 21-year-old female lives through the year. An insurance company wants to offer her a one-year policy with a death benefit of $1,000 the company charge for this policy if it wants an expected return of $400 from all similar policies?
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Transcribed Image Text:There is a 0.99964 probability that a randomly selected 21-year-old female lives through the year. An insurance company wants to offer her a one-year policy with a death benefit of $1,000,000. How
much should the company charge for this policy if it wants an expected return of $400 from all similar policies?
The company should charge $
(Round to the nearest dollar)
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