The Following Table Is from the Social Security Actuarial Tables

question 19

Short Answer

The following table is from the Social Security Actuarial Tables. For each age, it gives the probability of death within one year, the number living out of an original 100,000, and the additional life expectancy for a person of that age.
Exact Male Female P(Death Number of Life P(Death Number of Life age
$\begin{array}{c}\quad\quad\quad\text { Male } \quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { Female }\\\begin{array}{|c|c|c|c|c|c|c|}\hline{\text {Exact Age }} & \begin{array}{c}\text { P(Death } \\\text { within one } \\\text { year) }\end{array} & \begin{array}{c}\text { Number of } \\\text { Living }\end{array} & \begin{array}{c}\text { Additional } \\\text { Life } \\\text { Expectancy }\end{array} & \begin{array}{c}\text { P(Death } \\\text { within one } \\\text { year) }\end{array} & \begin{array}{c}\text { Number of } \\\text { Living }\end{array} & \begin{array}{c}\text { Additional } \\\text { Life } \\\text { Expectancy }\end{array} \\\hline 10 & 0.000111 & 99,021 & 65.13 & 0.000105 & 99,217 & 70.22 \\\hline 20 & 0.001287 & 98,451 & 55.46 & 0.000469 & 98,950 & 60.40 \\\hline 30 & 0.001375 & 97,113 & 46.16 & 0.000627 & 98,431 & 50.69 \\\hline 40 & 0.002542 & 95,427 & 36.88 & 0.001498 & 97,513 & 41.11 \\\hline 50 & 0.005696 & 91,853 & 28.09 & 0.003240 & 95,378 & 31.91 \\\hline 60 & 0.012263 & 84,692 & 20.00 & 0.007740 & 90,847 & 23.21 \\\hline 70 & 0.028904 & 70,214 & 12.98 & 0.018938 & 80,583 & 15.45 \\\hline 80 & 0.071687 & 44,272 & 7.43 & 0.049527 & 59,341 & 9.00 \\\hline 90 & 0.188644 & 12,868 & 3.68 & 0.146696 & 24,331 & 4.45 \\\hline\end{array}\end{array}$
To what age may a female of age 60 expect to live on the average?

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Definitions:

High-low Method

A technique used in cost accounting to estimate variable and fixed costs based on the highest and lowest levels of activity.

Fixed Cost

Expenses that do not change regardless of the production volume, including rent, salaries, and insurance premiums.

Machine Hours

A measure of the amount of time a machine is operated, used in costing and operational efficiency calculations.

Committed Fixed Costs

Long-term fixed costs that cannot be easily altered in the short run, such as leases or contracts.