Provide an appropriate response with details. A 28 year old man pays $206 for a one year life insurance policy with coverage of $60,000. If the probability that he will live through the year is 0.9992, what is the expected value for the insurance policy?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Provide an appropriate response with details.
A 28 year old man pays $206 for a one year life insurance policy with coverage of $60,000. If the
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