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Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
95%
(hard)
Question Stats:
33% (02:17) correct
67%
(02:35)
wrong
based on 150
sessions
History
Date
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Not Attempted Yet
Lee Colle insures its students for thefts up to $1000. The college makes no profit but sets the premium to cover administrative costs of 10% on average claim of $120. If the annual premium per students is 24$. What is the expected number of thefts per 100 students per year?
(A) 12
(B) 14
(C) 16
(D) 18
(E) 20
Are You Up For the Challenge: 700 Level Questions
(A) 12
(B) 14
(C) 16
(D) 18
(E) 20
Are You Up For the Challenge: 700 Level Questions
04 Dec 2019, 13:07
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Bunuel
I got the expected number of thefts is 200 and feel free to correct me if I'm not understanding properly.
The $1000 is merely a distractor. For every 100 people, the cost of the insurance is n * 120, where n is the number of claims expected from every 100 students. The revenue is 100 * 24 = 2400. So we should get 10% * Cost = Revenue according to the problem.
10% * n * 120 = 2400
12n = 2400
n = 200
08 Dec 2019, 12:48
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TestPrepUnlimited
I had the same answer. Although I think the issue is that the administration is providing the entire insurance so they are paying out the claim in addition to the administration fee. If that is the case, it is fairly unclear and becomes more about understanding how insurance works.
1.10 * n * 120 = 2400
132 * n = 2400
n ~ 18
