There is a 0.9989 probability that a randomly selected 28-year-old male lives through the year. A life insurance company charges $151 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out$120,000 as a death benefit. Complete parts (a) through (c) below.a. From the perspective of the 28-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?The value corresponding to surviving the year is $The value corresponding to not surviving the year is $(Type integers or decimals. Do not round.)

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Answered: There is a 0.9989 probability that a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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There is a 0.9985 probability that a randomly selected 31-year-old male lives through the year. A life insurance company charges $189 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $80,000 as a death benefit. Complete parts (a) through (c) below. a. From the perspective of the 31-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The value corresponding to surviving the year is $ The value corresponding to not surviving the year is $ (Type integers or decimals. Do not round.) b. If the 31-year-old male purchases the policy, what is his expected value? The expected value is $ (Round to the nearest cent as needed.) c. Can the insurance company expect to make a profit from many such policies? Why? because the insurance company expects to make an average profit of $ on every 31-year-old male it insures for 1 year. (Round to the nearest cent as needed.)
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There is a 0.9984 probability that a randomly selected 31-year-old male lives through the year. A life insurance company charges $159 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $80,000 as a death benefit. Complete parts (a) through (c) below. a. From the perspective of the 31-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving? The value corresponding to surviving the year is $ The value corresponding to not surviving the year is $ (Type integers or decimals. Do not round.)

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