mistyhyser4023 mistyhyser4023
  • 12-04-2024
  • Mathematics
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A private pilot whishes to insure his airplane for 100,000. The insurance company estimates that a total loss will occur with probability 0.003, a 50% loss with probability 0.06, and a 25% loss with probability 0.2. Ignoring all other partial losses, what premium should the insurance company charge each year to realize an average profit of $1,300?

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