1. Suppose it costs $2,000 to buy a defibrillator. Find the expected value of owning a defibrillator if there is a 4% probability that Sprint to Life will lose a lawsuit regarding its operation, with each lawsuit resulting in Sprint to Life being liable in the amount of $750,000. (Explain the statistic formilas to answer this question)
2. If the age of an initial cardiac incident (heart attack or sudden cardiac arrest) is normally distributed with a population standard deviation of 11.6 years, find the average age at which people will experience their first cardiac incident, given that 14.95% of all initial cardiac incident victims are younger than 51.(Explain the statistic formulas to answer this question)