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October 24, 2014

October 24, 2014

Posted by **Liz** on Monday, April 30, 2007 at 11:20am.

Roll a fair 6 sided die 3 itmes. What is the probablity that you obtain at least one 5? Use the binomial.

A 28 yr old man pays $208 for a 1 year life insurance policy with coverage of $110,000. If the probability that he will live through the year is .9993, what is the expected value of the policy?

207.85

77

131

109.923

667.32

if its 364.25 days in a year then each day would be 301.99, and .9993 of 1 year would be 363.99

so 301.99 x 363.99 = 109,921.35

so im guessing the 109.923 would be the correcdt answer... unless im going about solving this problem wrong...

1) The probability of NOT getting a five on a single roll is 5/6. The probability of NOT getting a five on 3 rolls is (5/6)^3 = .5787. Sooo, the probability of getting at least 1 five is 1-.5787 = 4213.

2) The probability of dying is .0007 The payoff from dying is 110,000. Sooo, the expected value of the policy, regardless of the price paid, is .0007*110000 = 77.

(n+1)!/(n-2)!

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