A life insurance company issues standard or preferred policies. Of the company's policyholders, 60% have standard policies and a probability of 0.01 of dying in the next year, and 40% have preferred policies and a probability of 0.08 of dying in the next year. A policyholder dies in the next year. What is the conditional probability of the deceased having a preferred policy?

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step-by-step explanation:

step-by-step explanation:

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85.560%

step-by-step explanation:

conditional probability is defined as:

p(a|b) = p(a∩b) / p(b)

in other words, the probability that a occurs, given that b has occurred = the probability that both a and b occur / the probability that b occurs.

in this example:

p(turns 64 | turns 44) = p(turns 64 & turns 44) / p(turns 44).

if someone turns 64, they must have already turned 44, so:

p(turns 64 | turns 44) = p(turns 64) / p(turns 44)

on page 42, we see that of the original 100,000, 94944 turn 44, and 81234 turn 64.   therefore:

p(turns 64 | turns 44) = 81234 / 94944

p(turns 64 | turns 44) = 0.85560

570, the answer is 570, hope it