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A 30 year old man pays $350 for a one year life insurance policy with coverage of $50,000. If the probability that he will live through the year is 0.9975, what is the expected value of the insurance policy?A) -$100.00 B) $24825 C) -$350.00 D) -$225.00A 30 year old man pays $350 for a one year life insurance policy with coverage of $50,000. Ifthe probability that he will live through the year is 0.9975, what is the expected value of the…