The probability a 30 year old man will live throughout the year is 0 998 A 30 year old man pays $300 for a one year life insurance policy with coverage of $100,000 (If the man dies, the life insurance company will pay $100,000 to his beneficiary) a Give the probability distribution for the profit in a year of the life insurance company Outcome Profit Probability Insurance company pays the beneficiary (the man dies that year) Insurance company does not pay the beneficiary (the man lives that year) b) What is the expected value for the life insurance company Give the calculator command or the formula with the values you used as a way to show your work Give your final answer as a decimal rounded to 2 places c) What is the expected value for the man

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Question: The probability a 30 year old man will live throughout the year is 0.998. A 30 year old man pays $300 for a one year

The probability a 30 year old man will live throughout the year is 0.998. A 30 year old man pays $300 for a one year life insurance policy with coverage of $100,000 (If the man dies, the life insurance company will pay $100,000 to his beneficiary).

a. Give the probability distribution for the profit in a year of the life insurance company.

Outcome	Profit	Probability
Insurance company pays the beneficiary (the man dies that year)
Insurance company does not pay the beneficiary (the man lives that year)

b) What is the expected value for the life insurance company?

Give the calculator command or the formula with the values you used as a way to show your work:

Give your final answer as a decimal rounded to 2 places:

c) What is the expected value for the man?

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