Assume 4 in every 1000 students at the local community college have to quit due to serious health issues. An insurance company offers them $11000 policy for $50 a year. What is the amount the insurance company should expect to make on every student that pays?

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12-02-2017
Mathematics

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Assume 4 in every 1000 students at the local community college have to quit due to serious health issues. An insurance company offers them $11000 policy for $50 a year. What is the amount the insurance company should expect to make on every student that pays?

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Аноним Аноним · Answer 1 · 2017-02-22T10:43:05+01:00

Аноним Аноним

22-02-2017

prob student quits and receives $8000, thus costing the company $7950,
is 0.003.

prob student doesn't quit, thereby contributing $50 to company income,
is 0.997

Therefore expected receipt for company
= $(0.003*(-7950) + 0.997*50)
= $(49.85 - 23.85)
= $26
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