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Stastics and the NFL - plus Social Security and your retirement

PLEASE ANSWER EACH QUESTION SEPERATELY. THANK YOU

1. How can we use probability statistics to anticipate health care costs for the future?

2. What is the probability that your favorite NFL team will win the Super Bowl?

3. Can using probability in market trending decisions lead to a bad decision? Explain?

4. Is there too much emphasis on probability statistics in decision making today? Why or why not?

5. Using current projections, will Social Security be available for your retirement? How has this statistic affected your retirement planning? How should this statistic affect your retirement planning?

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1. How can we use probability statistics to anticipate health care costs
for the future?

In order to anticipate health care costs for the future and understand the factors associated, we should combine the statistical work of economists, demographers, social planners and other specialists and apply finance and risk knowledge to create a detailed picture. Researchers compute the likelihood of health problems based on the probability statistics drawn from large populations and find the special patterns and individual characteristics that correlate with these problems (e.g. age, smoking habits). Companies generally calculate approximate health care costs based on these statistical ratios ...

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