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Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover her until she is 55. She is currently 50 years old and in good health. The probability of death in a given year is provided by the Social Security Actuarial Life Table. x = Age 50 51 52 53 54 P(Death at a Given Age) 0.0032 0.0035 0.0038 0.0041 0.0044 1. Fill in the expected cost to Palmetto Insurance Company for each year Miranda has the policy. Age at 50 51 52 53 54 Death 2$ 2$ $ $ 2$ Expected Cost 2. The insurance company wants to make a profit of $500. How much would they need to charge for the policy? $ %24

Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover her until she is 55. She is currently 50 years old and in good health. The probability of death in a given year is provided by the Social Security Actuarial Life Table. x = Age 50 51 52 53 54 P(Death at a Given Age) 0.0032 0.0035 0.0038 0.0041 0.0044 1. Fill in the expected cost to Palmetto Insurance Company for each year Miranda has the policy. Age at 50 51 52 53 54 Death 2$ 2$ $ $ 2$ Expected Cost 2. The insurance company wants to make a profit of $500. How much would they need to charge for the policy? $ %24

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.3: Binomial Probability
Problem 33E: Sick leave probability that a given worker at Dyno Nutrition Will call in sick on a Monday is 004....
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Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover her until she is 55. She is currently 50 years old and in good health. The probability of death in a given year is provided by the Social Security Actuarial Life Table. x = Age 50 51 52 53 54 P(Death at a Given Age) 0.0032 0.0035 0.0038 0.0041 0.0044 1. Fill in the expected cost to Palmetto Insurance Company for each year Miranda has the policy. Age at 50 51 52 53 54 Death 2$ $ $ Expected Cost 2. The insurance company wants to make a profit of $500. How much would they need to charge for the policy? $ %24 %24 %24
Transcribed Image Text:Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance Company to cover her until she is 55. She is currently 50 years old and in good health. The probability of death in a given year is provided by the Social Security Actuarial Life Table. x = Age 50 51 52 53 54 P(Death at a Given Age) 0.0032 0.0035 0.0038 0.0041 0.0044 1. Fill in the expected cost to Palmetto Insurance Company for each year Miranda has the policy. Age at 50 51 52 53 54 Death 2$ $ $ Expected Cost 2. The insurance company wants to make a profit of $500. How much would they need to charge for the policy? $ %24 %24 %24
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