A 40-year-old man in the U.S. has a 0.247% risk of dyingduring the next year. An insurance company charges $300per year for a life-insurance policy that pays a $100,000death benefit. What is the expected value for the personbuying the insurance? Round your answer to the nearestdollar.Expected Value: $for the year

Given information- We have given that a 40-year-old man in the IS has a 0.247% risk of dying during…

Answered: A 40-year-old man in the U.S. has a…

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section: Chapter Questions

Problem 35T

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Similar questions

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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 800 tickets. There is one $1,000 grand prize, two $300 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 800 tickets. There is one $2,000 grand prize, three $300 second prizes, and fifteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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