LE Daniel-James Insurance Company will insure an offshore ExxonMobil oil pro- duction platform against weather losses for 1 year. The president of Daniel-James estimates the following losses for that platform (in millions of dollars) with the accompa- nying probabilities: Amount of Loss ($ millions) 0 40 300 Probability of Loss 98 .016 .004 a. What is the expected amount Daniel-James will have to pay to ExxonMobil in claims?

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