A company offers guided tours of remote areas of the world. Each tourconsists of 20 people. The probability of selling a ticket for any given spoton the tour is 0.86. The costs to the company are approximately the sameregardless of the number of people that show up. To offset the riskassociated with a tour not filling up, the company purchases a specializedinsurance policy. The policy pays 100 for each ticket that is left unsold, upto a maximum of 400. Let P be the amount that the insurance policy paysto the company for a specific tour. Calculate E[P] to the nearest dollar.O 251O244O 259O 267275

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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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