11 Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $350, the probability of a fire is 0.1%, and in the event of a fire, the insured damages (the payout on the policy) will be $340,000. c. Now suppose your company issues two policies. The risk of fire is independent across the two policies. Make a table of the three possible payouts along with their associated probabilities. (Round your "Probability" answers to 4 decimal places.) Answer is complete but not entirely correct. Outcome: No Fire 700 Outcome: One Fire $ (339,300) Outcome: Two Fires (67,300) Payout f. Continue to assume the company has issued two policies, but now assume you take on a partner, so that you each own one-half of the firm. Make a table of your share of the possible payouts the company may have to make on the two policies, along with their associated probabilities. (Round your "Probability" answers to 4 decimal places.) Answer is complete but not entirely correct. Payout Probability Outcome: No Fire 350 0.0000 Outcome: One Fire $ (69,650) 0.1999 Outcome: Two Fires $ (339,650) 0.0001 % % %