Jim has a 5-year-old car in reasonably good condition. He wants to take out a $50,000 term (that is, accident benefit) car insurance policy until the car is 10 years old. Assume that the probability of a car having an accident in the year in which it is x years old is as follows: x= age 5 6 7 8 P(accident) 0.01182 0.01282 0.01386 0.01513 0.01602 Jim is applying to a car insurance company for his car insurance policy. Using the probabilities that the car will have an accident in its 5th, 6th, 7th, 8th, or 9th year, and the $50,000 accident benefit, what is the expected loss to Car Insurance Company for the respective years? Round your answers to the nearest dollar. O $591, $641, S693, $757, $801 O 5581, $641, S693, $747, $801 O $591, $646, $693, $747, $801 O S581, $646, S693, $757, $801 O $591, $641, $693, $747, $801

Jim has a 5-year-old car in reasonably good condition. He wants to take out a $50,000 term (that is, accident benefit) car insurance policy until the car is 10 years old. Assume that the probability of a car having an accident in the year in which it is x years old is as follows: x= age 5 6 7 8 P(accident) 0.01182 0.01282 0.01386 0.01513 0.01602 Jim is applying to a car insurance company for his car insurance policy. Using the probabilities that the car will have an accident in its 5th, 6th, 7th, 8th, or 9th year, and the $50,000 accident benefit, what is the expected loss to Car Insurance Company for the respective years? Round your answers to the nearest dollar. O $591, $641, S693, $757, $801 O 5581, $641, S693, $747, $801 O $591, $646, $693, $747, $801 O S581, $646, S693, $757, $801 O $591, $641, $693, $747, $801

Name: Jim has a 5-year-old car in reasonably good condition. He wants to ta
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: Jim has a 5-year-old car in reasonably good condition. He wants to take out a$50,000 term (that is, accident benefit) car insurance policy until the car is 10years old. Assume that the probability of a car having an accident in the year inwhich it i

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Suppose a life insurance company sells a $270,000 one-year term life insurance policy to a 22-year-old female for $230. The probability that the female survives the year is 0.999552. Compute and interpret the expected value of this policy to the insurance company. The expected value is $. (Round to two decimal places as needed.)
An insurance company prices its Tornado Insurance using the following assumptions: • In any calendar year, there can be at most one tornado. • In any calendar year, the probability of a tornado is 0.05. • The number of tornadoes in any calendar year is independent of the number of tornados in any other calendar year. Using the insurance company's assumptions, calculate the probability that there are fewer than 2 tornadoes in a 11- year period. Round your answer to four decimal places.
Samuel F.B. Morse (1791 – 1872), the creator of Morse Code, claimed that 12% of all letters used in the English language were “e”s. Suppose random samples of 196 letters are selected from a book What is the probability that a random sample of 196 letters will contain at least 10% "e"s? Type your calculated z-score here. Express its value to the nearest hundredth (two decimal places). Type your probability here. Express its value to four decimal places. Do not round.
Jim is a 60-year-old Anglo male in reasonably good health. He wants to take out a $50,000 term (that is, straight death benefit) life insurance policy until he is 65. The policy will expire on his 65th birthday. The probability of death in a given year is provided by the Vital Statistics Section of the Statistical Abstract of the United States (116th Edition). x = age 60 61 62 63 64 P(death at this age) 0.01156 0.01348 0.01615 0.01999 0.02266 Jim is applying to Big Rock Insurance Company for his term insurance policy. (a) What is the probability that Jim will die in his 60th year? (Enter your answer to five decimal places.)Using this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance? (Round your answer to two decimal places.)$ (b) Repeat part (a) for years 61, 62, 63, and 64. (Round your answers to two decimal places.) Year Expected Cost 61 $ 62 $ 63 $ 64 $ What would be the total expected cost to Big Rock Insurance…
What is the probability that a registered voter voted in the election? About About 3,182,436 voted in the 3,425,182 of the registered voters did not vote election ..... The probability that a registered voter voted in the election is approximately (Round to three decimal places as needed.)
The probability that a 22-year-old female in the U.S. will die within one year is approximately 0.00044. If an insurance company sells a one-year, $20,000 life insurance policy to such a person for $295, what is the company's expectation? (Round your answer to the nearest dollar.)$
Suppose a life insurance company sells a $260,000 1-year term life insurance policy to a 20-year-old female for $350. According to the National Vital Statistics Report, 58(21), the probability that the female survives the year is 0.999544. Compute and interpret the expected value of this policy to the insurance company.
Sara is a 60-year-old Anglo female in reasonably good health. She wants to take out a $50,000 term (that is, straight death benefit) life insurance policy until she is 65. The policy will expire on her 65th birthday. The probability of death in a given year is provided by the Vital Statistics Section of the Statistical Abstract of the United States (116th Edition). x = age 60 61 62 63 64 P(death at this age) 0.00562 0.00842 0.00950 0.01065 0.01165 Using this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance? (b) Repeat part (a) for ages 61, 62, 63, and 64. Age Expected Cost 61 $ 62 $ 63 $ 64 $ What would be the total expected cost to Big Rock Insurance over the years 60 through 64? If Big Rock Insurance wants to make a profit of $700 above the expected total cost paid out for Sara's death, how much should it charge for the policy? If Big Rock Insurance Company charges $5000 for the policy, how much profit does the…