3.A life insurance company issues standard and preferred policies. Of the company'spolicyholders of a certain age, 70% have standard policies and a probability of 0.015 of dyingin the next year, 30% have preferred policies and a probability of 0.006 of dying in the nextyear. A policyholder of that age dies in the next year. What is the conditional probability ofthe deceased having had a preferred policy? (Round your answer to 4 decimal places.)

A life insurance company issues standard and preferred policies. Of the company's policyholders of a…

Answered: year. A policyholder of that age dies…

year. A policyholder of that age dies in the next year. What is the conditional probability of the deceased having had a preferred policy? (Round your answer to 4 decimal places.)

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...

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Question

3.
A life insurance company issues standard and preferred policies. Of the company's
policyholders of a certain age, 70% have standard policies and a probability of 0.015 of dying
in the next year, 30% have preferred policies and a probability of 0.006 of dying in the next
year. A policyholder of that age dies in the next year. What is the conditional probability of
the deceased having had a preferred policy? (Round your answer to 4 decimal places.)

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