2. Suppose the probability a plant is destroyed in year 1 is 2% and the probability a plant is destroyed in year 2 assuming it was not destroyed previously is 4%. When the plant is destroyed, it would cost $249219 to replace. Assumed the interest rate is 5%, what is the expected replacement cost, round to nearest dollar? You'll need to find the expected cost each year and discount them at 5%.

2. Suppose the probability a plant is destroyed in year 1 is 2% and the probability a plant is destroyed in year 2 assuming it was not destroyed previously is 4%. When the plant is destroyed, it would cost $249219 to replace. Assumed the interest rate is 5%, what is the expected replacement cost, round to nearest dollar? You'll need to find the expected cost each year and discount them at 5%.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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