Jim has a 5-year-old car in reasonably good condition. He wants to take out a $60,000 term (that is, accident benefit) car insurance policy until the car is 10 years old. Assume that the probability of a car having an accident in the year in which it is x years old is as follows:
x = age5
6
7
8
9
P(accident)0.01191
0.01292
0.01396
0.01503
0.01613
Jim is applying to a car insurance company for his car insurance policy. If the car insurance company wants to make a profit of $900 above the expected total losses of $4197, how much should it charge for the policy?
A. $901
B. $893
C. $913
D. $903
E. $905
Answer: D
Mathematics
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