Daily probability of a major earth-quake

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Assume that the daily probability of a major earth-quake in Los Angeles is .07 percent. The chance of your computer center being damaged during such a quake is 5 percent. If the center is damaged, the average estimated damage will be $1.6 million. a. Calculate the expected loss (in dollars). b. An insurance agent is willing to insure your facility for an annual fee of $15,000. Analyze the offer, and discuss whether to accept it.

Reference no: EM131230485

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Daily probability of a major earth-quake : Assume that the daily probability of a major earth-quake in Los Angeles is .07 percent. The chance of your computer center being damaged during such a quake is 5 percent. If the center is damaged, the average estimated damage will be $1.6 million. Ca..

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