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Financial Risk Manager Part 1

Financial Risk Manager Part 1

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A pension scheme's risk manager is conducting an annual review of the payout preferences among 100 participants in a retirement plan and observes the following data:

  • 57 participants have opted for monthly payouts.
  • 43 participants have opted for a single, large payment. Furthermore, 24 of the participants who chose monthly payouts will also receive a single, large payment at a later date. Given this context, if a randomly selected beneficiary from this group has chosen monthly payouts, what is the probability that this individual will also receive a single, large payment?

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