A forty-five year old woman is considering buying a one-year life insurance policy for $620 with a coverage of $200,000. Suppose the probability for a woman of that age living through the year is 99.75%.
Based only on this information, should the woman buy the insurance policy.
A) The expected value is $118.45 - - the woman should buy the insurance policy.
B) The expected value is $1118.45 - - the woman should buy the insurance policy.
C) The expected value is - $118.45 - - the woman should not buy the insurance policy.
D) The expected value is - $1118.45 - - the woman should not buy the insurance policy.
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