You have a 1 percent chance of having healthcare bills of $100,000, a 19 percent chance of
Question:
You have a 1 percent chance of having healthcare bills of $100,000, a 19 percent chance of having healthcare bills of $10,000, a 60 percent chance of having healthcare bills of $500, and a 20 percent chance of having healthcare bills of $0. What is your expected spending? Would you be willing to buy complete insurance coverage if it cost $3,712? Explain.
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To calculate your expected spending you can multiply the probability of each outcome by the correspo...View the full answer
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