Life Insurance According to Bristol Mutual Life Insurances mortality table, the probability that a 20-year-old woman will survive 1 year is 0.994 and the probability that she will die within 1 year is 0.006. If a 20-year-old woman buys a $10,000 1-year policy for $100, what is Bristol Mutuals expected gain or loss?
CHAPTER 6 : ACTORIALS, HAMILTON, KN, AND A LGORITHMS Factorials - If you want to write something as a factorial write the number “x” and then add “!” - Ex. Let’s say the number is 5… 5 factorial is written as 5! - How do y ou solve it - By Hand : 5 x 4 x 3 x 2 x 1 = 120 - This step UST BE DONE I N DESCENDING O RDER - By Calculator (TI-84 Plus) : Enter the number you are solving for, go up the button set and find the “math” button and press it, and then a menu