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It has been observed that some people are willing to accept a more dangerous job for...

It has been observed that some people are willing to accept a more dangerous job for a higher salary. If a study estimates that for each .01%increase in risk of deal, an additional $360 in annual salary was observed, the estimated value of life is

a) $36 million

b) $3.6 million

c) $360,000

d) $36,000

e) $3,600

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Answer #1


Percentage increase in risk = 0.01% or 0.0001

Addition to the annual salary = $360

Calculate the estimated value of life -

Estimated value of life = Addition to the annual salary/Percentage increase in risk

Estimated value of life = $360/0.0001

Estimated value of life = $3,600,000 or $3.6 million

Thus,

The estimated value of life is $3.6 million.

Hence, the correct answer is the option (b).

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