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3. A life insurance company is selling life insurance of $16,000 for a premium of $320 per year. The table below shows that the probability

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3. A life insurance company is selling life insurance of $16,000 for a premium of $320 per year. The table below shows that the probability of death in the year following the purchase of this policy is 0.1%. What is the expected gain for this type of policy? Simple event Probability Gain r Live 0.999 $320 Die 0.001 -$15,680

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