Jim is applying to Big Rock Insurance Company for his term insurance policy. (a)What is the probability that Jim will die in his 60th year? (Enter a number. Enter your answer to five decimal places.)Using this probability and the $50,000 death benefit, what is the expected cost to Big Rock Insurance (in dollars)? (Enter a number. Round your answer to two decimal places.) $ (b)What is the expected cost to Big Rock Insurance for years 61, 62, 63, and 64 (in dollars)? (For each answer, enter a number. Round your answers to two decimal places.)year 61 $ year 62 $ year 63 $ year 64 $ What would be the total expected cost to Big Rock Insurance over the years 60 through 64 (in dollars)? (Enter a number. Round your answer to two decimal places.) $ (c)If Big Rock Insurance wants to make a profit of $700 above the expected total cost paid out for Jim’s death, how much should it charge for the policy (in dollars)? (Enter a number. Round your answer to two decimal places.) $ (d)If Big Rock Insurance Company charges $5000 for the policy, how much profit does the company expect to make (in dollars)? (Enter a number. Round your answer to two decimal places.) can anyone help break this down?
Big Rock Insurance
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