Question

A man purchased a $23,000, 1-year term-life insurance policy for $375. Assuming that the probability that he will live for another year is 0.989, find the company's expected gain.

At the beginning of 2007, the population of a certain state was 55.4% rural and 44.6% urban. Based on past trends, it is expected that 13% of the population currently residing in the rural areas will move into the urban areas, while 21% of the population currently residing in the urban areas will move into the rural areas in the next decade. What was the population distribution in that state at the beginning of 2017? (Round your answers to one decimal place.)

In a study of the domestic market share of the three major automobile manufacturers A, B, and C in a certain country, it was found that their current market shares were 50%, 20%, and 30%, respectively. Furthermore, it was found that of the customers who bought a car manufactured by A, 75% would again buy a car manufactured by A, 15% would buy a car manufactured by B, and 10% would buy a car manufactured by C. Of the customers who bought a car manufactured by B, 90% would again buy a car manufactured by B, whereas 5% each would buy cars manufactured by A and C. Finally, of the customers who bought a car manufactured by C, 85% would again buy a car manufactured by C, 5% would buy a car manufactured by A, and 10% would buy a car manufactured by B. Assuming that these sentiments reflect the buying habits of customers in the future, determine the market share that will be held by each manufacturer after the next two model years. (Round your answers to the nearest percent.)

Answer 1