The following was the problem that I was working on. As a part of the underwriting process for insurance, each prospective policyholder is tested for high blood pressure. Let X represent the number of tests completed when the first person with high blood pressure is found. The expected value of X is 12.5 Calculate the […]

Summary of question It is known that the expected value of a random variable can be obtained from integrating its survival function. This is easily restated in terms of the quantile function as: $$ \int_0^\infty S(x)\;dx = \int_0^1F^{-1}(x) $$ whose equivalence can be seen graphically as integrating over the same area. This is useful, as […]

What is the monthly payment for a $800,000 mortgage for the first 119 payments that is due in 10 years, has a 25 year amortization, at 5% interest? What is the amount of the 120th payment? I use excel to compute the amortization table, But, I’m still don’t understand the question. If I finish the […]

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