SOLUTION: Bob is a 40 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.828. Fred is 30 year old man. Based on insurance studies, the probability
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-> SOLUTION: Bob is a 40 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.828. Fred is 30 year old man. Based on insurance studies, the probability
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Question 547194: Bob is a 40 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.828. Fred is 30 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.916.
Determine the probability that both will be alive in 25 years.
Determine the probability that both will be dead in 25 years.
Determine the probability that Bob or Fred will be alive in 25 years. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Bob is a 40 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.828. Fred is 30 year old man. Based on insurance studies, the probability that he will live 25 more years is 0.916.
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Determine the probability that both will be alive in 25 years.
P(both) = 0.828*0.916 = 0.7566
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Determine the probability that both will be dead in 25 years.
P(neither) = (1-0.828)(1-0.7566) = 0.04186
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Determine the probability that Bob or Fred will be alive in 25 years.
P(either) = 1-(0.7566+0.04186) = 0.2015
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Cheers,
Stan H.
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