An insurance company has written 100 policies for $75,000, 500 policies for $55,000, and 1000 policies for $15,000 for people of age 20. If experience shows that the probability that a person will die at age 20 is 0.0012, how much can the company expect to pay out during the year the policies were written? The company can expect to pay out $ over the year after the policies were written. (Type an integer or a decimal.)

An insurance company has written 100 policies for $75,000, 500 policies for $55,000, and 1000 policies for $15,000 for people of age 20. If experience shows that the probability that a person will die at age 20 is 0.0012, how much can the company expect to pay out during the year the policies were written? The company can expect to pay out $ over the year after the policies were written. (Type an integer or a decimal.)

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Description: An insurance company has written 100 policies for $75,000, 500 policies for $55,000, and 1000 policies for $15,000 forpeople of age 20. If experience shows that the probability that a person will die at age 20 is 0.0012, how much can thecompany expe

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

An insurance company has written 100 policies for $75,000, 500 policies for $55,000, and 1000 policies for $15,000 for
people of age 20. If experience shows that the probability that a person will die at age 20 is 0.0012, how much can the
company expect to pay out during the year the policies were written?
e:
The company can expect to pay out $
over the year after the policies were written.
(Type an integer or a decimal.)

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