Concept explainers
The bicycle thief. Some entrepreneurial classmates start a business selling insurance for bicycle theft at your school. The data they get from the office of public safety suggests that the probability a bicycle is stolen is about 0.05. By surveying friends, they find the typical bike is worth about $500. If they want to make an average profit of $20 per policy, how much should they charge for the insurance policy? (Use your work from Mindscape 47.)
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