An insurance company sells policies for $1,000 each. Based on historical data, an average of 1 in 130 policyholders will file a $10,000 claim, an average of 1 in 185 policyholders will file a $40,000 claim, and an average of 1 in 255 policyholders will file a $75,000 claim, a) What is the company's expected payout per policy? (Round your answer to the nearest cent) b) What is the company's expected profit per policy? (Round your answer to the nearest cent) c) If the company also pays it's insurance agents a 11% commission per policy sold, then what is the company's expected total profit after selling 7,500 policies? 2.3 o million dollars (Note: answer is in millions) (Round your answer to the nearest tenth of a million, and enter a negative number for a loss)

An insurance company sells policies for $1,000 each. Based on historical data, an average of 1 in 130 policyholders will file a $10,000 claim, an average of 1 in 185 policyholders will file a $40,000 claim, and an average of 1 in 255 policyholders will file a $75,000 claim, a) What is the company's expected payout per policy? (Round your answer to the nearest cent) b) What is the company's expected profit per policy? (Round your answer to the nearest cent) c) If the company also pays it's insurance agents a 11% commission per policy sold, then what is the company's expected total profit after selling 7,500 policies? 2.3 o million dollars (Note: answer is in millions) (Round your answer to the nearest tenth of a million, and enter a negative number for a loss)

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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