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# A family pays $800 per year for an insurance plan that pays  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Intern Joined: 17 May 2007 Posts: 6 Followers: 0 Kudos [?]: 0 [0], given: 0 A family pays$800 per year for an insurance plan that pays [#permalink]

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09 Jun 2007, 20:52
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

A family pays $800 per year for an insurance plan that pays 80 percent of the first$1,000 in expenses and 100 percent of all medical expenses thereafter. In any given year, the total amount paid by the family will equal the amount paid by the plan when the family's medical expenses total

A. $1,000 B.$1,200
C. $1,400 D.$1,800
E. $2,200 Rick CEO Joined: 17 May 2007 Posts: 2959 Followers: 61 Kudos [?]: 601 [0], given: 210 ### Show Tags 09 Jun 2007, 21:02 The answer is B - 1200 dollars. How much does the family have to pay ? Insurance cost + 200 dollars of the 1st 1000 dollars in expenses = 800 + 200 = 1000 now this is equal to the actual money that insurance pays = 800 of the 1st 1000 + (1000 - x ) {where x is the actual medical expense} 800 + 1000 - x = 1000 x =$1200.
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Joined: 17 May 2007
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09 Jun 2007, 21:12
Quote:
now this is equal to the actual money that insurance pays
= 800 of the 1st 1000 + (1000 - x ) {where x is the actual medical expense}
800 + 1000 - x = 1000