You believe that next year there is a 50% probability that your healthcare cost will be $5000 but y Show more You believe that next year there is a 50% probability that your healthcare cost will be $5000 but your spouse believes you willa ll be healthy and there will be no healthcare cost; however you both agree to buy an annual health insurance plan.
You believe that next year there is a 50% probability that your healthcare cost will be $5000 but y Show more You believe that next year there is a 50% probability that your healthcare cost will be $5000 but your spouse believes you willa ll be healthy and there will be no healthcare cost; however you both agree to buy an annual health insurance plan.
An Internet site makes you believe people in your age group and with similar family size will spend $4000 with 30% probability or $3600 with 20% propbability. You decided to make a scientific decision and look for a health insurance policy where the annual premium will not exceed your expected premium. What is your expected annual premium? (Please show work). Show less
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