A customer buys a $463.38 entertainment device from a department store. The department store sells 2-year warranties for the purchase for $38 and, based on past recor estimates that there a 5.6% chance that the warranty will be used to replace a broken device. Calculate the expected value of the store's profit on each one of these warrant sold. Use two decimal place accuracy.

A customer buys a $463.38 entertainment device from a department store. The department store sells 2-year warranties for the purchase for $38 and, based on past recor estimates that there a 5.6% chance that the warranty will be used to replace a broken device. Calculate the expected value of the store's profit on each one of these warrant sold. Use two decimal place accuracy.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter4: Polynomial And Rational Functions

Section4.6: Rational Functions

Problem 11SC: Find the mean hourly cost when the cell phone described above is used for 240 minutes.

See similar textbooks

Similar questions

Find the positive geometric mean between 4 and 64.
Find the probability of each event. Getting 2 red eggs in a single scoop from a bucket containing 5 red eggs and 7 yellow eggs
Make sure to do the rounding and double check the Answers please.
TABLE 1 SUMMARY OUTPUT Regression Statistics Multiple R R Square Observations Intercept GPA Facebook (hours per week) Upperclass 0.68 0.86 260 Coefficients 70.56 4.80 -2.70 1.30 Standard Error 0.029 1.275 0.635 0.40
It takes a service rep an average of 1.5 minutes to take a customer's information. Over the course of a workday, the rep handles 150 calls a day during her eight-hour shift. The service rep's utilization (in %) is %. (Enter your response rounded to one decimal place)
John Kittle, an independent insurance agent, uses a five-year moving average to forecast the number of claims made in a single year for one of the large insurance companies he sells for. He has just discovered that a clerk in his employ incorrectly entered the number of claims made four years ago as 1,400 when it should have been 1,200.a. What adjustment should Mr. Kittle make in next year’s forecast to take into account the corrected value of the number of claims four years ago?b. Suppose that Mr. Kittle used simple exponential smoothing with a = .2instead of moving averages to determine his forecast. What adjustment is now required in next year’s forecast? (Note that you do not need to know the value of the forecast for next year in order to solve this problem.)
Approximately 1 percent of women ages 40-50 have breast cancer. A woman has a 84 percent chance of a positive test from a mammogram given she has breast cancer (a true positive result). A woman has a 7 percent chance of a positive test from a mammogram given she does not have breast cancer (a false positive result). Complete the table below, then answer the questions below the table. Give all answers as decimals to 4 decimal places. Positive test result Negative test result TotalHas breast cancer Does not have breast cancer Total What is the probability a woman has breast cancer given that she just had a positive test? Give answer as decimals to 4 decimal places.
Approximately 1 percent of women ages 40-50 have breast cancer. A woman has a 95 percent chance of a positive test from a mammogram given she has breast cancer (a true positive result). A woman has a 15 percent chance of a positive test from a mammogram given she does not have breast cancer (a false positive result). Complete the table below, then answer the questions below the table. Give all answers as decimals to 4 decimal places. Positive test result Negative test result Total Has breast cancer Does not have breast cancer Total What is the probability a woman has breast cancer given that she just had a positive test? Give answer as decimals to 4 decimal places.
A charity holds a raffle in which each ticket is sold for $45. A total of 9600 tickets are sold. They raffle one grand prize which is a Mercedes Benz E350 valued at $65000 along with 3 second prizes of Ducati motorcycles at $9000 each. What are the expected winnings for a single ticket buyer? Express to at least three decimal place accuracy in dollar form.
The Nenana Ice Classic is an annual contest to guess the exact time in the spring thaw when a tripod erected on the frozen. Tanana River near Nenana, Alaska, will fall through the ice. The contest has been run since 1917. The 2017 jackpot was $267,444. The table gives simplified data that record only the date on which the tripod fell each year. The earliest date so far is April 20. To make the data casier to use, the table gives the date each year in days starting with April 20. That is, April 20 is 1, April 21 is 2, and so on. Days from April 20 for the Tanana River tripod to fall Duy Year 1917 1918 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 Year 1948 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 Days from April 20 for the Tanana River tripod to fall 1983 11 1984 22 14 22 22 23 20 22 16 7 23 17 16 19 21 12 19 Day 19 9 15 19 21 15 17 21 17 11. 11 10 11 21 10 20 Days from April 20 for the Tanana River tripod to fall Year 1934 1935…
During the first half of the year, 686 patients were admitted to the cardiovascular care unit. Of these, 79 were readmissions. What percentage were readmitted? (compute to two decimals) ______%
The newborn nursery reports 160 infants were born at the hospital in May. Four of these infants died shortly after birth and the remainder were discharged alive. Calculate the newborn death rate. (compute to one decimal place) %