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March 26, 2017

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solve this math statistic problem: an insurance company insures a person's antique coin collection worth $20,000 for an annual premium of $300. If the company figures that the probability of the collection being stolen is 0.002, what will be the company's expected profit?

  • statistics - ,

    Expected loss = ($20000)(0.002) = $40

    Expected profit = $300 - $40 = $260

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