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Two friends with identical ages have remaining lifetimes that are independent and have an exponential distribution with a mean of 20 years. They buy a
Two friends with identical ages have remaining lifetimes that are independent and have an exponential distribution with a mean of 20 years. They buy a life annuity policy that would be paid during the period when only one of them is alive. What is the expected duration (in years) of payment of the annuity?
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