5. [-/8.33 Points DETAILS BBBASICSTAT8ACC 6.1.017. Jim is a 60-year-old Anglo male in reasonably good health. He wants to take out a $50,000 term (i.e., straight death benefit) life insurance policy until he is 65. The policy will expire on his 65th birthday. The pr x - age 60 61 62 P(death at this age) 63 64 0.01018 0.01378 0.01750 0.01957 0.02311 Jim is applying to Big Rock Insurance Company for his term insurance policy. a) What is the probability that Jim will die in his 60th year? (Enter a number. Enter your answer to five decimal places.) Using this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance (in dollars)? (Enter a number. Round your answer to two decimal places.) year 61 $ (b) What is the expected cost to Big Rock Insurance for years 61, 62, 63, and 64 (in dollars)? (For each answer, enter a number. Round your answers to two decimal places.) year 62 $ year 63 $ year 64 $ What would be the total expected cost to Big Rock Insurance over the years 60 through 64 (in dollars)? (Enter a number. Round your answer to two decimal places.) $ $ (c) If Big Rock Insurance wants to make a profit of $700 above the expected total cost paid out for Jim's death, how much should it charge for the policy (in dollars)? (Enter a number. Round your answer to two $ (d) If Big Rock Insurance Company charges $5000 for the policy, how much profit does the company expect to make (in dollars)? (Enter a number. Round your answer to two decimal places.) Need Help? Read It 6. [4.16/8.33 Points] DETAILS PREVIOUS ANSWERS BBBASICSTAT8ACC 6.2.011.MI.S. Consider a binomial experiment with n = 8 trials where the probability of success on a single trial is p - 0.20. (For each answer, enter a number. Round your answers to three decimal places.) (a) Find P(r = 0). -168 (b) Find P(r 2 1) by using the complement rule. 168 Need Help? Read it 7. [6.25/8.33 Points] DETAILS PREVIOUS ANSWERS BBBASICSTAT8ACC 6.2.019.MI.S. Sociologists say that 90% of married women claim that their husband's mother is the biggest bone of contention in their marriages (sex and money are lower-rated areas of contention). Suppose that twelve married w places.) are having (a) All of them dislike their mother-in-law. 282