Jim is a 60*yearioid Anglo male in reasonably good health. He wants to take out a $50,000 term (that is, straight death benet) life insurance policy until he is 65. The policy will ex probability of death in a given year is provided by the Vital Statistics Section of the Statrstfcai Abstract oftne United States (116th Edition). x=age 60 61 62 63 64 P(death at this age) 0.01159 0.01309 0.01714 0.01918 0.02206 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 your answer to ve decimal places.) :| Using this probability and the 550,000 death benefit, what is the expected cost to Big Rock Insurance? (Round your answer to two decimal places.) S|:| (b) Repeat part (a) for years 61, 62, 63, and 64. (Round your answers to two decimal places.) Year Expected Cost 61 $: 62 $: as aas 64 g: What would be the total expected cost to Big Rock Insurance over the years 60 through 64? (Round your answer to two decimal places.) 8|:I e on his 65th birthday. The (c) It Big Rock Insurance wants to make a prot of $700 above the expected total cost paid out for Jim's death, how much should it charge for the policy? (Round your answer to two decimal places.) 5|:I (d) If Big Rock Insurance Company charges $5000 for the policy, how much prot does the company expect to make? [Round your answer to two decimal places.) 5|:I