Question 1
A 25 year old can purchase a one-year life insurance policy for $10,000 at a cost of $100. Past history indicates that the probability of a person dying at age 25 is 0.0015. Determine the company's expected gain per policy.
◦ 85
◦ 15
◦ 985
◦ 115
Question 2
A store specializing in electronics is to open in one of two malls. If the first mall is selected, the store anticipates a yearly profit of
if successful and a yearly loss of 70,000 otherwise. The probability of success is
. If the second mall is selected, it is estimated that the yearly profit will be
if successful; otherwise, the annual loss will be
. The probability of success at the second mall is
. What is the expected profit at each of the two malls?
◦ first mall: $172,500; second mall: $87,500
◦ first mall: $155,000; second mall: $87,500
◦ first mall: $172,500; second mall: $135,000
◦ first mall: $155,000; second mall: $135,000
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