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kirstykirst kirstykirst
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7 months ago
Jenny owns a home in a heavily wooded area. If there is a 1-in-25 chance of fire in the area, what is her expected loss given the following possible outcomes:

• Minor smoke damage: cost = $5,000, probability = 50%
• Exterior fire damage: cost = $15,000, probability = 30%
• Everything ruined: cost = $150,000, probability = 5%


▸ $280

▸ $800

▸ $580

▸ $6,800
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Personal Finance

Personal Finance


Edition: 2nd
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