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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?
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OpenStudy (anonymous):
it was a probability problem. I was given the formula (p1 +v1) + (p2 +v2) etc. to get the result. The p stands for the probability of an event and the v stands for the value :/
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