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help please 5. You purchase car insurance for a monthly premium of $50. The insurance company knows that the average claim in any given year
help please
5. You purchase car insurance for a monthly premium of $50. The insurance company knows that the average claim in any given year for your type of car is $9600. The probability that you will get in an accident in any given year is 0.015. If you get into an accident, you have to pay a $500 deductible. For a one-year time period, what is the expected value for the insurance company Step by Step Solution
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