The probability that a 50-year-old male in the U.S. will die within one year is about 0.00142. An insurance company is preparing to sell a 50-year-old male a one-year, $30,000 life insurance policy. How much should it charge for its premium in order to have an expectation of $0 for the policy (i.e., make no profit and make no loss)? (Round your answer to the nearest dollar.)

The probability that a 50-year-old male in the U.S. will die within one year is about 0.00142. An insurance company is preparing to sell a 50-year-old male a one-year, $30,000 life insurance policy. How much should it charge for its premium in order to have an expectation of $0 for the policy (i.e., make no profit and make no loss)? (Round your answer to the nearest dollar.)

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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