This question contains three parts:

PART 1The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2663 raffle tickets at $5 per ticket.

A) Kevin bought thirty-four tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.)

B) What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.)

C) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.)

D) How much did Kevin effectively contribute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.)

PART 2

Jim is a 60-year-old Anglo male in reasonably good health. He wants to take out a $50,000 term (that is, 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 by the Vital Statistics Section of the Statistical Abstract of the United States (116th Edition).

What are the requirements for a probability distribution? (Select all that apply.) Each probability takes on values between 0 and 1 inclusive. A description of all the values of the random variable x. The summation of the probabilities is 1. Associated probabilities for each value of x. Each probability takes on a value of 0 or 1. O The summation of the probabilities equal 1.(a) What is the probability that Jim will die in his 60th year? (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? (Round your answer to two decimal places.) $ (b) Repeat part (a) for years 61, 62, 63, and 64. (Round your answers to two decimal places.) Year Expected Cost 61 62 63 64 What would be the total expected cost to Big Rock Insurance over the years 60 through 64? (Round your 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? (Round your answer to two decimal places.) $ (d) If Big Rock Insurance Company charges $5000 for the policy, how much profit does the company expect to make? (Round your answer to two decimal places.) $