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suppose a 57-year-old man has a 1.2% = .012 percent probability of dying this year. forty...

suppose a 57-year-old man has a 1.2% = .012 percent probability of dying this year. forty of these men sign up for a one-year life insurance plan. WTP that at least one dies?

Math   Statistics-And-Probability   
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Answer #1

The probability that a randomly selected 57 year old man will die this year = 0.012

Let X denotes the number of  57 year old men will die this year out of 40 selected these men.

X ~ Binomial(n = 40, p = 0.012)

The probability mass function of X is

Now,

The probability that  at least one dies

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