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Kio outfitters estimated the following losses and

Kio Outfitters estimated the following losses and probabilities from past experience:

Loss Probability (%)

$30,000 ......... 0.25

$15,000 ......... 0.75

$10,000 ........ 1.50

$5,000 ........ 2.50

$1,000 ......... 5.00

$250 ......... 15.00

$0 ......... 75.00

What is the probability Kio will experience a loss of $5,000 or greater?

If an insurance company offers a loss policy with a $1,500 deductible, what is the most Kio will pay?

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Finance Basics: Kio outfitters estimated the following losses and

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