PLSS ANSWER ASAP!! 3. A race car driver wishes to insure hiscar for the racing season for $50,000.The insurance company estimates atotal loss may occur with probability0.002, a 50% loss with probability 0.01,and a 25% loss with probability 0.1.Ignoring other partial losses, whatpremium should the insurancecompany charge each season torealize an average profit of $500?

Here given, A race car driver wishes to insure his car for the racing season for $50,000. The…

Answered: Ignoring other partial losses, what…

Ignoring other partial losses, what premium should the insurance company charge each season to realize an average profit of $500?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...

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Question

PLSS ANSWER ASAP!!

3. A race car driver wishes to insure his
car for the racing season for $50,000.
The insurance company estimates a
total loss may occur with probability
0.002, a 50% loss with probability 0.01,
and a 25% loss with probability 0.1.
Ignoring other partial losses, what
premium should the insurance
company charge each season to
realize an average profit of $500?

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