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OpenStudy (anonymous):
Out of 5000 policies for cell phones, a company received 585 claims. The average amount paid on the claims was $80. If the annual cost of the policy was $48, what was a customer's expected value of the cell phone insurance policy? A. -$38.64 B. -$9.36 C. $5.13 D. $64
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OpenStudy (anonymous):
A. -$38.64
OpenStudy (anonymous):
explain please?
OpenStudy (anonymous):
% of claim: 385/ 5000 = .117 Average : $80 * .117 = $9.36 Customers' value: 9.36 - 48 = - 38.64
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