Suppose that you want to insure a high-end laptop computer, an IPhone, a trail bike, and your textbooks. Below lists the values of these items and the probabilities that these items will be stolen over the next year. Table lists insured items, their respective values, the probabilities of the items being stolen, and the expected payouts for each item. Probability Expected Payout Insured of item Item by Insurance Value being company stolen Laptop $2000 0.02 ($2000)*0.02=$40 iPhone $400 0.03 ($400)*0.03=$12 Trail Bike $600 0.01 ($600)*0.01=$6 Textbooks $800 0.04 ($800)*0.04=$32 1. Predict what the insurance company can expect to pay in claims on your policy 2. Is $100 a reasonable premium for this policy? explain your answer. 12:17 PM arch