There is a 0.9984 probability that a randomly selected 32-year-old male lives through the year. A life insurance company charges $194 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $110,000 as a death benefit. .

From the perspective of the 32-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?

Question

24-10-2019
Mathematics

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There is a 0.9984 probability that a randomly selected 32-year-old male lives through the year. A life insurance company charges $194 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $110,000 as a death benefit. .

From the perspective of the 32-year-old male, what are the monetary values corresponding to the two events of surviving the year and not surviving?

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M0903 M0903 · Answer 1 · 2019-10-24T20:23:13+02:00

Answer:

From the perspective of the 32-year-old male, the monetary values corresponding to surviving the year is -$194 and for not surving the year is $109 806.

Step-by-step explanation:

If the 32 year old survives the year it means he has to pay $194 towards the policy denoted by the negative sign. However if he does not survive the year it means he gets the death benefit - cost of the policy that is

$110 000-$194= $109 806.