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Assume Bristol-Myers Squibb is faced with one source of business risk as worker's injury. The probability of worker injury is 0.09 and when the accident (injury) happens, the losses from a worker's injury has medical expenses of $8,000 and lost pay expenses of $90,000. What is the expected loss per worker?   A-- $8,820 B-- $7,056 C-- none of the answers is correct D-- $7,417 E-- $17,640

Assume Bristol-Myers Squibb is faced with one source of business risk as worker's injury. The probability of worker injury is 0.09 and when the accident (injury) happens, the losses from a worker's injury has medical expenses of $8,000 and lost pay expenses of $90,000. What is the expected loss per worker?   A-- $8,820 B-- $7,056 C-- none of the answers is correct D-- $7,417 E-- $17,640

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Assume Bristol-Myers Squibb is faced with one source of business risk as worker's injury. The probability of worker injury is 0.09 and when the accident (injury) happens, the losses from a worker's injury has medical expenses of $8,000 and lost pay expenses of $90,000. What is the expected loss per worker?

 

A-- $8,820

B-- $7,056

C-- none of the answers is correct

D-- $7,417

E-- $17,640

Expert Solution
Step 1: Determine the given variables

The probability of worker injury = 0.09

Medical expenses = $8,000

Lost pay expenses = $90,000


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