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Suppose replacing your fridge costs $900, and there is a 4% chance that you need to replace it. What is the expected value of (a)

Suppose replacing your fridge costs $900, and there is a 4% chance that you need to replace it.

What is the expected value of (a) not buying any insurance, (b) buying insurance with a $40 premium and a $100 deductible, (c) buying insurance with a $30 premium and a maximum coverage of $500?

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