A contractor is considering a sale that promises a profit of $34,712 with a probability of 0.7 or a loss (due to bad weather, strikes, and such) of$6,398 with a probability of 0.3. The following table summarizes the probability distribution. What is the expected profit or loss? Round youranswer to the nearest hundredth.Profit, xProbability, P(x)$34,7120.7-$6,3980.3Type your answer...

Answered: Image /qna-images/answer/5256494d-6288-437a-aaa6-b0e6e8bbb0e9.jpg

Answered: A contractor is considering a sale that…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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An insurance company issues a policy for a diamond ring worth $15,000 for an annual premium of $225.00. If the company figures the probability of the ring to be lost or damaged is 0.005, what is the company's expected profit? Round your answer to nearest cent. (e.g. $135.789 would enter as 135.79)
An insurance company sells a $20,000, seven-year term life insurance policy to an individual for $1,700. Find the expected return for the company if the probability the individual will live for the next seven years is 0.92. (Round your answer to the nearest cent.)$
Answer #30 please. Show work.
The annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Upload your answer with your work and explanations here
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $7. If you roll a 2, 3, 4 or 5, you win $3. Otherwise, you pay $10.a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. This is the most likely amount of money you will win. If you play many games you will likely win on average very close to $1.50 per game. You will win this much if you play a game. d. Based on the expected value, should you play this game? No, this is a gambling game and it is always a bad idea to gamble. Yes, because you can win $7.00 which is greater than the $10.00 that you can lose. Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so you might as…
The probability that a 80-year-old female in the U.S. will die within one year is about 0.048711. An insurance company is preparing to sell a 80-year-old female a one-year, $20,000 life insurance policy. How much should it charge for its premium in order to have a positive expectation for the policy? (Round your answer to the nearest dollar.)$
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $13. If you roll a 2, 3, 4 or 5, you win $1. Otherwise, you pay $7. a. Complete the PDF Table. LIst the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $__________(Round to the nearest cent). c. Interperet the expected value. O You will win this much if you play a game. O If you play many games you wil likely win on average very close to $1.67 per game. O This is the most likely amount of money yuo will win. d. Based on the expected value, should you play this game? O Yes, since the expected value is positive , you would be very likely to come home with more money if you played many games. O Yes, since the expected value is 0, you would be very likely to come very close to breaking even if you played many games, so…
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 2, 3, 4 or 5, you win $4. Otherwise, you pay $6. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. O This is the most likely amount of money you will win. Oif you play many games you will likely win on average very close to $4.50 per game. O You will win this much if you play a game. d. Based on the expected value, should you play this game? O No, since the expected value is negative, you would be very likely to come home with less money if you played many games. O Yes, since the expected value is positive, you would be very likely to come home with more money if you played many games. O No, this is a gambling game and it is always a bad idea to gamble.…

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