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An insurance policy costs 100 and will pay policyholders

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An insurance policy costs $100 and will pay policyholders $10,000 if they suffer a major injury or $3000 if they suffer a minor injury. The company estimates that each year 1 in every 2000 policy holders may have a majory injury and 1 in 500 a minor injury. What is the company's expected profit on a policy?

Reference no: EM13626643

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