What is the probability that all of the potential clients would be alive when their respective policies end? Note that each potential client surviving to the end of his or her respective policy is an independent event.
I have gathered all the data but I am really confused about all these independent events. Please help!
This is all the clients' info:
client 1: 97,555 (newborn, 30-year policy)
client 2: 82,399 (44-year-old, 20-year policy, lives to be 64?)
client 3: 91,740 (25year old, 30 year policy, lives to be 55?)
client 4: 92,355 (39 year old, 20 year policy, lives to be 59)
client 5: 40,515 (68 year old, 10 year policy, lives to be 78)
client 6: 83,927 (53 year old, 20 year policy, lives to be 73 )
client 7: 93,526 (18 year old, 30 year policy, lives to be 48)
client 8: 30,596 (80 year old, 10 year policy, lives to be 90)
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What is the probability that all of the potential clients would be alive when their respective polic...
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