An insurance company determines it cannot write medical malpractice insurance profitably and stops selling the coverage. In
Question:
An insurance company determines it cannot write medical malpractice insurance profitably and stops selling the coverage. In spite of this action, the company will have to pay claims for many years on existing medical malpractice policies. The company pays 60 for medical malpractice claims the year after it stops selling the coverage. Each subsequent year’s payments are 20% less than those of the previous year. Calculate the total medical malpractice payments that the company pays in all years after it stops selling the coverage. Choose one of the following.
(a) 94
(b) 150
(c) 240
(d) 300
(e) 360
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Let S n be the total medical malpractice payments the company pays after n years If ...View the full answer
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