A famous artist wishes to insure his dog for half a million pesos. The insurance company estimates that a total loss will occur with probability of 0.003, a 50% loss with probability of 0.02, and 25%...

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Extracted text: A famous artist wishes to insure his dog for half a million pesos. The insurance company estimates that a total loss will occur with probability of 0.003, a 50% loss with probability of 0.02, and 25% loss with probability 0.1. What premium should the insurance company charge each year to realize an average profit of 25, 000? Note: Express your answer in the nearest whole number. Also do not include the currency symbol for your answers. Blank 1 Blank 1 Add your answer