Suppose a life insurance company sells a $200,000 one-year term life insurance policy to a 22-year-old female for $240. The probability that the female survives the year is 0.999619. Compute and interpret the expected value of this policy to the insurance company. The expected value is S. (Round to two decimal places as needed.) Which of the following interpretation of the expected value is correct? A. The insurance company expects to make an average profit of $21.81 on every 22-year-old female it insures for 1 month. B. The insurance company expects to make an average profit of $163.80 on every 22-year-old female it insures for 1 year. C. The insurance company expects to make an average profit of $239.91 on every 22-year-old female it insures for 1 year. D. The insurance company expects to make an average profit of $14.89 on every 22-year-old female it insures for 1 month. O O O C

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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.