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An insurance company/organization takes a keen interest in the age at which a person is insured. Thus a survey conducted on prospective clients indicated that for clients having the similar age the probability that they will be alive in 30 years time. This probability was established by utilizing the actuarial tables. If a sample of 5 people was insured still, determine the probability of having the given possible outcomes in 30 years
a) All are alive
b) At least 3 are alive
c) Mostly one is alive
d) None is alive
e) At least 1 is alive
Sample size = 5
P(alive) p = 2/3 where P (not alive) = q = 1/3
How do you add 7/9 + 6/8 + 3/4
-8 plus (-17)
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Find the present value of an ordinary annuity which has payments of 2300 per year for 15 years at 6% compounded annually
How can I solve the in-equations? Assist me.
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