An insurance policy on an electrical device pays a benefit of $5500 if the device...
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An insurance policy on an electrical device pays a benefit of $5500 if the device fails during the first year.The amount of the benefit decreases by $1100 each successive year until it reaches 0. If the device has notfailed by the beginning of any given year, the probability of failure during that year is 0.42.Find the expected benefit under this policy,
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