[Solution] A person wants to insure his yacht for $80000. The Big Rock Insurance Company estimates a total loss may occur with a probability of 0.005, a
Question: A person wants to insure his yacht for $80000. The Big Rock Insurance Company estimates a total loss may occur with a probability of 0.005, a 50 % loss with probability of 0.01, and a 25 % loss with probability 0.05. If Big Rock will pay no benefits for any other partial loss, what premium should Mr. Dithers pay each year if Big Rock wants to make a profit of $250?
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