Question: Find the expected value usingthe given information below. (TYPE IN YOUR ANSWER!DO NOT USE ANY UNNECESSARY SPACES IN BETWEEN YOUR ANSWERS!ROUND TO THE HUNDREDTHS WHEN

Find the expected value usingthe given information below. (TYPE IN YOUR ANSWER!DO NOT USE ANY UNNECESSARY SPACES IN BETWEEN YOUR ANSWERS!ROUND TO THE HUNDREDTHS WHEN NECESSARY!)

The CNA Insurance Company charges Mike $250 for a one-year $100,000 life insurance policy. Because Mike is a 21 year old male, there is a 0.9985 probabilitythat he will live for a year. If Mike purchases the policy, what is his expected value?NOTE:The correct ways to type in a dollar amount are for example-$50or$50.

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