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Find the expected value

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Reference no: EM13332616

An insurance policy sells for $1000. Based on past data, an average of 1 in 100
policyholders will file a $25,000 claim, an average of 1 in 200 policyholders will file a $40,000
claim, and an average of 1 in 500 policyholders will file a $200,000 claim. Find the expected  value (to the company) per policy sold. Also, If the company sells 10,000 policies, what is their expected profit or loss?

Reference no: EM13332616

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