Exam P #31 | SOA Sample Questions

Support me on Patreon!: https://www.patreon.com/SagarLamba -- In this video, we will look at Sample Question 31 from the Society of Actuaries' Exam P (Probability) list of sample questions. ---- The question reads (mainly to help people find this video when searching): A company establishes a fund of 120 from which it wants to pay an amount, C, to any of its 20 employees who achieve a high performance level during the coming year. Each employee has a 2% chance of achieving a high performance level during the coming year. The events of different employees achieving a high performance level during the coming year are mutually independent. Calculate the maximum value of C for which the probability is less than 1% that the fund will be inadequate to cover all payments for high performance. (A) 24 (B) 30 (C) 40 (D) 60 (E) 120 ---- #Calculus #Actuary #ExamP #Probability #Theory #Math #Tutorial #Science #Education