You have a 2 percent chance of having healthcare bills of $100,000, a 20 percent chance of
Question:
You have a 2 percent chance of having healthcare bills of $100,000, a 20 percent chance of having healthcare bills of $10,000, a 60 percent chance of having healthcare bills of $500, and an 18 percent chance of having healthcare bills of $0. What is your expected healthcare spending? How does it compare to the answer in exercise 4.3?
Exercise 4.3
You have a 1 percent chance of having healthcare bills of $100,000, a 19 percent chance of having healthcare bills of $10,000, a 60 percent chance of having healthcare bills of $500, and a 20 percent chance of having healthcare bills of $0. What is your expected spending?
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To calculate your expected healthcare spending you can multiply the probability of each healthcare b...View the full answer
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