as331.as4.F07

# as331.as4.F07 - Actuarial Science 331 Fall 2007...

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Actuarial Science 331 Fall 2007 Assignment #4 (Revised) due Wednesday Nov. 21, 2007 Data for Questions 1 to 5 A school is being established to provide a 4-year period of training for students who will be not less than 17 years of age nor more than 20 years of age at entry. Based on the experience of an established institution of a similar kind, it is expected that the annual probabilities of failure to meet the examination standards will vary by classes in accordance with the following schedule. The estimated annual probabilities of withdrawal for other reasons (including death) is also shown. Annual probabilities of Academic Withdrawal for all Class Failure Other reasons First Year 0.150 0.300 Second Year 0.100 0.200 Third Year 0.075 0.100 Fourth Year 0.050 0.050 1. (a) How many new students should be accepted each year if the total enrollment of the school immediately following the beginning of its fourth year of operation is to be 5000 students?

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