As a fringe benefit, Dennis Taylor receives a $50,000 life insurance policy from his employer. The probability that Dennis will live another year is 0.9935. If he purchases the same coverage for himself, what is the minimum amount that he can expect to pay for the policy? (Enter your answer to the nearest cent.)
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.
As a fringe benefit, Dennis Taylor receives a $50,000 life insurance policy from his employer. The probability that Dennis will live another year is 0.9935. If he purchases the same coverage for himself, what is the minimum amount that he can expect to pay for the policy? (Enter your answer to the nearest cent.)
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