Suppose that a life insurance company insures 1,200,000 fifty-year-old people in a given year. (Assume a deat rate of 8 per 1000 people.) The cost of the premium is $100 per year, and the death benefit is $40,000. What is expected profit or loss for the insurance company? The insurance company can expect a(n) $ million profit. (Type an integer or decimal rounded to one decimal place as needed.)

Suppose that a life insurance company insures 1,200,000 fifty-year-old people in a given year. (Assume a deat rate of 8 per 1000 people.) The cost of the premium is $100 per year, and the death benefit is $40,000. What is expected profit or loss for the insurance company? The insurance company can expect a(n) $ million profit. (Type an integer or decimal rounded to one decimal place as needed.)

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section: Chapter Questions

Problem 22T

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