1. Explain the role insurance plays in your financial situation. What are some steps you could take to better protect yourself and/or reduce your insurance costs?
2. Are the coefficients in a tobit and probit model different? If they are different how would you compare them
3. You just retired with $1,000,000 savings. You’d like to receive your savings as an annuity for 20 years. If the interest rate on your account is 5%, how much do you receive every year?