Insurance Premiums Due

[Oblio63]

357 total people in the group
The total premium is $120,000

357 are type A
310 are Type A and B

How much is due by each Type A individual ?
How much is due by each Type A and B individual ?

0.868347 are Type A+B

.13165266 are not Type A+B

How much does each person pay in heir respective groups ?

120000 divided by 357 = 336.1344537815126 (If Everyone was the same, that would be the individual premium)

336.1344537815126 multiplied by 0.868347 = 291.8813445378151 So Type A and B pay 291.88 each

336.1344537815126 multiplied by .13165266 = 44.25299495798319

If you add both premiums, you get 336.1343394957983‬, so the premiums add up to the maximum premium if everyone was the same.

But if you multiply 357 x 44.25299495798319 = 15,798.3192

310 x 291.88 = 90,482.00

15,798.3192 + 90,482.00 = 106,280.3192 Not 120,000

Can anybody help us ????

 

[Steven G]

You never told us why A and B people are paying a different amount than A people? How is the difference determined? That information would be helpful! Do A people pay twice as much as A and B people?

Either you are missing out on something or you did not tell us the entire problem.

Suppose there are 357 people who pay a total of $120,000. Then each person pays $336.13

But wait a minute! Some of these people work on the 1st and 2nd floor of the building while others work just on the 1st floor. So that changes everything, right? Of course NOT!, unless you tell us something like the newer (and younger on average) workers work on both floors while the older (and older in age on average) workers work just on the 1st floor. Even then you need to tell us something about the difference in rates. You really do not see all this?

0.868347 people do NOT pay 0.868347 of $336.13 but rather they pay 0.868347 of the total ($120,000). Again, unless there is a reason that they pay a different rate!