For a fully discrete whole life insurance of 100,000 on each of 10,000 indepen- dent lives age 60, you are given the following values from the life table, A60 = 0.36913,2 A60 = 0.17741, i = 0.06. Let π be the annual premium for each insurance policy. (a) Use the normal approximation, calculate π, such that the probability of a positive total loss is 1%, given Φ0.99 = 2.326.

For a fully discrete whole life insurance of 100,000 on each of 10,000 indepen- dent lives age 60, you are given the following values from the life table, A60 = 0.36913,2 A60 = 0.17741, i = 0.06. Let π be the annual premium for each insurance policy. (a) Use the normal approximation, calculate π, such that the probability of a positive total loss is 1%, given Φ0.99 = 2.326.

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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