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The table shows claims and their probabilities for an insurance company. Use the table to answer parts a through c.
Amount of claim
?(to the nearest?$50,000) Probability
?$0 0.65
?$50,000. 0.24
?$100,000 0.06
?$150,000 0.03
?$200,000 0.01
?$250,000 0.01
a. Calculate the expected value.
b. How much should the company charge as an average premium so that it breaks even on its claim? costs?
c. How much should the company charge to make a profit of? $50 per? policy?
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