Calculus 2, Lec 21A, Actuarial Present Value of a Future Payment (Exponential Lifetime)

Calculus 2, Lecture 21A.

(0:00) Plan for the lecture.
(0:46) Actuarial Present Value of a future payment based on an exponentially distributed lifetime random variable.
(3:00) The probability that T is between 14 and 17 is calculated as F(17) - F(14) and the mean of T is 1 over "lambda".
(4:22) Present value random variable of a future payment.
(7:36) Calculations of the pdf, cdf, a probability, the mean, and the median while making use of Mathematica.