An insurance company issues a one-year $\$ 1,000$ policy insuring against an occurrence $A$ that historically happens to 6 out of every 100 owners of the policy. Administrative fees are $\$ 20$ per policy and are not part of the company's "profit." How much should the company charge for the policy if it requires that the expected profit per policy be $\$ 80$ ? CHINT: If $C$ is the premium for the policy, the company's "profit" is $C-20$ if $A$ does not occur, and $C-20- 1,000$ if $A$ does occur. ] $ $$ SP.PC. 1191