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Mathematics 12 Online
OpenStudy (anonymous):

Assume that you have a car worth $7,150 and you wish to insure it for its full replacement value. If there is a 2% chance that the car will be stolen, what would a fair premium price be?

OpenStudy (anonymous):

fair=you netiher lose nor gain. thus expectancy value =0 because of the car's price is 7150, and you have 2% chance losing it, and the ramainder 98% goes to paying the premium price, \[E=\sum x_i p_i = -7150(2/100) +(premium)(98/100)=0\] solve for (premium), please.

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