Use the following to answer questions: 
-(Table: Total Utility of Income After College Expenses) Look at the table Total Utility of Income After College Expenses. The premium for a fair insurance policy to pay their daughter's tuition and eliminate the uncertainty in the Smith family's income after tuition would equal:
Definitions:
Cost
The amount of money required to purchase something or the expenditure involved in producing a product or delivering a service.
Strategy Formulation
The process of developing plans and actions to achieve organizational goals and strategic objectives.
Marketing Planning
The process of developing strategies for promoting and selling products or services to target audiences.
Contingency Strategy
A plan developed to address potential future events or circumstances that could negatively impact operations or success.
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