In standard actuarial notation, the quantity t p 50 denotes the probability that, on his 50th birthday,

Question:

In standard actuarial notation, the quantity _tp₅₀ denotes the probability that, on his 50th birthday, an individual will survive for a further t years. Under the Weibull model of mortality, _tp₅₀ is determined by d -at-1tp50 dt tP50

where α and β ≠ 1 are constants. You are given that the probability that the individual will survive to age 60 is 0.6, and to age 70 is 0.5.

a. Find the probability that the individual will die before his 90th birthday.

b. Determine, using this model, the maximum age the individual is 95% sure to reach.

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Introduction To Actuarial And Financial Mathematical Methods

ISBN: 9780128001561

1st Edition

Authors: Stephen Garrett

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Question Posted: Dec 11, 2023 07:02 AM

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In standard actuarial notation, the quantity t p 50 denotes the probability that, on his 50th birthday,

Question:

d tP50 dt - aßt³-1tp50

Step by Step Answer:

The quantity P50 can simply be interpreted as a function of t 0 and we have a separable ODE to solve ...View the full answer

Introduction To Actuarial And Financial Mathematical Methods

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