Problem 3 Part c:Identify n, p and x. Show how to use the Binomial Probability Formula to get the solution.

(1 point) A the insurance salesman operates on the premise that the probability that a man reaching his sixtieth birthday will not live to his sixtyshrst birthday is l].l]5. On visiting a holiday resort for seniors, he sells 12 poliCIes to men approaching their sixtietn birthdays Each policy comes into eect on the birthday or the Insured, and pays a xed sum on death. All 12 poliCIes can be assumed to be mutually independent. Provide answers to the following to 3 decimal places. Pan a) What is the expected number of policies that will pay out before the insured parties have reached age 61? 0.6 Part In} What is the Variance 0t the number of policies that Will pay out before the insured parties have reached age 51 '1' 0.5? Part c) What is the probability that at least two policies will pay out before the insured parties have reached age 61? 0.1153