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You are offered an insurance premium on a recent purchase of your phone. The insurance is $450 and the premium is $50 for 1 year.

You are offered an insurance premium on a recent purchase of your phone. The insurance is $450 and the premium is $50 for 1 year. The insurance company claims a probability of 0.13 that the phone will be stolen some time during the year.

What is the expected return from the insurance company if you were to purchase this insurance?

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