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A company takes a keen interest in the age at which a person is insured. Consequently, a survey conducted on prospective clients indicated that for
A company takes a keen interest in the age at which a person is insured. Consequently, a survey conducted on prospective clients indicated that for clients having the same age the probability that they will be alive in 30 years' time is . This probability was established using the actuarial tables. If a sample of 5 people was insured now, find the probability of having the following possible outcomes in 30 years.
- P(r=5)
- P(r>3)
- P(r<1)
- P(r=0)
- P(r>1)
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