statistics/ probability help

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 probability of death in a given year is provided. *= age 60 63 04 P( death at this age) 0 02347 Jim is applying to Big Rock Insurance Company for his term insurance policy. (a) what is the probability that Jim will die in his Goth rear? (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.) (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 61 $ year 62 $ year 63 # year 64 5 5 What would be the total expected cost to Big Rock Insurance over the wears 60 through 64 (in dollars)? (Enter a number Round your answer to two decimal places.) 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 F (d] If Big Rock Insurance Company charges $5030 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? Andit Type here to search