Petro Limited is buying hurricane insurance for its off-coast oil drilling platform

Statistics Aug 04, 2020

Petro Limited is buying hurricane insurance for its off-coast oil

drilling platform. During the next 5 years, the probability of total loss of only the above water structure ($330 million) is .35, the probability of total loss of the facility ($830 million) is .35, and the probability of no loss is .30.

Find the expected loss (input the amount as positive value)
Expected Loss $ Million dollars