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14 Feb 2016, 05:15
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B
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38% (02:03) correct
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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
A $1,000
B $1,200
C $1,400
D $1,800
E $2,200
14 Feb 2016, 11:06
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Upfront payment for insurance plan = 800$
Family needs to pay 20 % of first 1000 $ in expense = 200$
Total amount paid by family when medical expenses are equal to or greater than 1000 $ = 800 + 200 = 1000 $
Total amount paid by insurance plan for first 1000 $ = 800 $
Total amount paid by family will equal amount paid by plan when medical expense = 1200 $
(Since insurance plan will pay 100% of amount that exceeds 1000$ )
Answer B
Family needs to pay 20 % of first 1000 $ in expense = 200$
Total amount paid by family when medical expenses are equal to or greater than 1000 $ = 800 + 200 = 1000 $
Total amount paid by insurance plan for first 1000 $ = 800 $
Total amount paid by family will equal amount paid by plan when medical expense = 1200 $
(Since insurance plan will pay 100% of amount that exceeds 1000$ )
Answer B
15 Aug 2017, 11:01
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Bunuel
If we let m = total medical expenses incurred by the family and p = total amount paid by family, then p = 800 + 0.2m if m ≤ 1000, or p = 800 + 0.2(1000) = 1000 if m > 1000.
If we let n = total amount paid by the insurance plan, then n = 0.8m if m ≤ 1000, or n = 0.8(1000) + m - 1000 = m - 200 if m > 1000.
We need to determine when n = p. We have two cases: 1) if m ≤ 1000; 2) if m > 1000.
1) If m ≤ 1000, we have:
n = p
0.8m = 800 + 0.2m
0.6m = 800
m = 800/0.6 = 8000/6
We see that m > 1000, which is contradictory to our assumption that m ≤ 1000. So, let’s analyze case 2.
2) if m > 1000, we have:
n = p
m - 200 = 1000
m = 1200
We see that m = 1200 is within our assumption that m > 1000. So, if the family’s total medical expenses are $1,200, then the family and the insurance company will have paid equal amounts.
Answer: B
