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Statistic problems
an insurance company charges a 21 year old male a premiume for $500 for one year for $100,000 life insurance policy. 21 year old male has a 0.998 probability of living for a year.
A. from the perpestive of a 21 year old male. what are the values of the diferent outcome
the value if he lives is——-$
the value if he dies is ——$
B. what is the expected value for a 21 year old male who buy the insurance
the expected value is___
C. what would be the cost of the insurance if the company just break even instead of making a profit?____$
