Insurance: An insurance company sells a 1 -year term life insurance policy to an 85 -year-old man. The man pays a premium of $1600 . If he dies within 1 year, the company will pay $33,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 85 -year-old man will be alive 1 year later is 0.9537 . Let X be the profit made by the insurance company. Part: 0 / 2 0 of 2 Parts Complete Part 1 of 2 (a) Find the probability distribution.The probability distribution is x 1600 Px

Insurance: An insurance company sells a 1 -year term life insurance policy to an 85 -year-old man. The man pays a premium of $1600 . If he dies within 1 year, the company will pay $33,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 85 -year-old man will be alive 1 year later is 0.9537 . Let X be the profit made by the insurance company. Part: 0 / 2 0 of 2 Parts Complete Part 1 of 2 (a) Find the probability distribution.The probability distribution is x 1600 Px

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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Question

Insurance: An insurance company sells a

-year term life insurance policy to an

-year-old man. The man pays a premium of

$1600

. If he dies within

year, the company will pay

$33,000

to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an

-year-old man will be alive

year later is

0.9537

. Let

be the profit made by the insurance company.

Part: 0 / 2

0 of 2 Parts Complete

Part 1 of 2

(a) Find the probability distribution.

The probability distribution is

x		1600
Px

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