Suppose a company charges a premium of $150 per year for an insurance policy for storm damage to roofs. Actuarial studies show that in case of a storm, the insurance company will pay out an average of $8000 for damage to a composition shingle roof and an average of $12,000 for damage to a shake roof. They also determine that out of every 10,000 policies, there are 7 claims per year made on composition shingle roofs and 11 claims per year made on shake roofs. What is the companys expected value (i.e., expected profit) per year of a storm insurance policy? What annual profit can the company expect if it issues 1000 such policies? Determine the probability of a composition shingle roof claim out of 10,000 = $56,000 Determine the probability of a shake roof claim out of 10,000 = $132,000 How many claims are made out of 10,000? = 18 What is the probability of no claims out of 10,000? = _______ How much does each shingle roof claim cost the company, dont forget each person pays $150 for the insurance? = $7,850 How much does each shake roof claim cost the company? = $11,850 How much money does the company make from each customer that does not make a claim? = $1,497,300 Calculate the Expected Value (this time you have 2 values to subtract from the Profit in the formula. Write formula used here_______________________________________________________ What is the companys Expected Value = _________ How much profits will the company makes if it issues 1000 such policies? = _______ I'm only having problems with the 4th, 8th, 9th, 10th, and the last one 11th but please correct me if I'm wrong on the ones I did. Thank you, Rita