A man buys a racehorse for $25,000 and enters it in two races. He plans to sell the horse​ afterward, hoping to make a profit. If the horse wins both​ races, its value will jump to $105,000. If it wins one of the​ races, it will be worth $65,000. If it loses both​ races, it will be worth only $10,000. The man believes there is a 30​% chance that the horse will win the first race and a 35​% chance that it will win the second one. Assuming that the two races are independent​ events, find the​ man's expected profit.

Q: In the 3-month period November 1, 2014, through January 31, 2015, Hess Corp. (HES) stock decreased…

A:

Q: The management of an oil company is trying to decide whether to drill for oil in a particular field…

A: To determine the optimal strategy, we can create a decision tree that represents the different…

Q: If a+b+c is equal to 22, what is the probability that a is less than b, and b is less than c?a, b,…

A: If the sum of the three Natural numbers a, b and c is n, then the total number of combinations of…

Q: The star quarterback of a university football team has decided to return for one more season. He…

A: Given that: If the message heard is Yes then there is a 5% chance it will be changed to no so the…

Q: Jeff is producing an outdoor concert. He estimates that he will make 3200 dollars if it does not…

A:

Q: how much will he be spending on average in the long run?

A: Kyle wants to buy packs of gaming cards until he gets a certain card he wants, but he has only…

Q: Amy invested $500 per month in a 401k that earned 6% annual return for 40 years. Hank invested…

A:

Q: The sales of a company rose from dollar 30,000 in the month of February to dollar 35,000 in the…

A: Solution is given:

Q: If the probability that the Mets will win a baseball game is 30%, find the probability that the Mets…

A: Given; P(win)=30%=0.30 Therefore, the probability that the Mets will not win is-

Q: You have worked for a company for several years. Each of your previous years you received a raise.…

A: See the handwritten solution for

Q: An artist travels to craft fairs all summer long. She must book her booth at a June craft show six…

A:

Q: You work for a car dealership where you earn 16% commission on the profit of a car sale under $800,…

A: Given that you earn 24% on the profit of a sale above $800 but less than or equal to $2,000. And…

Q: The Fresh Oven Bakery sells the pies for $3 each. She knows that the number of pies it can sell…

A: Given:-               Selling price P = $ 3 each                Baking cost C = $ 2.50 each

Q: Shanice is a star player for her women's basketball team. She has injured her ankle, and it is…

A: Given, If Shanice can play, the coach estimates that the team a score of 91 points. If Shanice is…

Q: If the probability that the Yankees will win a baseball game is 60%, find the probability that the…

A: The probability that Yankees will win a baseball game is 60%, that is PWinning=0.60.

Q: You pay $20 to enter a raffle.  The first ticket drawn wins $912, the second ticket drawn wins $481,…

A:

Q: Jessica tosses a 50p coin twice. What’s the probability she’ll get two heads?

A: The number of times Jessica tosses a 50p coin=2

Q: Billy-Sean O'Hagan is the treasurer at his college fraternity, which recently earned $15,350 in its…

A: Let x represents the number of shares of HAL, y represents the number of shares of POM, z represents…

Q: In a certain large state university, older students get to choose their classes before younger…

A: Given, X=74 n=200 The propotion of student who got to choose the course is obtained as-…

Q: After her final exam this semester, Sylvia must drive from her school in Philadelphia to her home in…

A: Prior to the trip, Sylvia's wealth is Y = $400.00. Sylvia's utility of wealth function is U(Y) =…

Q: s on the table at the moment. You will win $1 if you randomly draw a black card, but you will lose…

A: Black Cards 20 Red Cards 10   Black Cards win $1  20 Red Cards lose $2 10

Q: Questions: 1. Do you think that stocks become less risky, relative to bonds, as your time horizon…

A: Stocks generally become less risky relative to bonds as the time horizon is lengthened. This is…

Q: yler wants to buy a computer monitor. He found the monitor he wants on three different websites. The…

A: The original price of the monitor is $90 on for all the three websites. The website R has a sale for…

Q: The contestant selects a box at random and selects a bill from the box at random. If a $100 bill is…

A: Let us define some events A : bill is from box 1. B : bill is from box 2. C : bill is from box 3. D…

Q: n a certain California city, projections for the next year are that there is a 20% chance that…

A: x P(x) x*P(x) +200 0.20 40 +300 0.50 150 -800 0.30 -240

Q: You decide to go school shopping one day and make several different purchases. You bought a few…

A: Let the amount of cash at the start equals to 'x'There are so many methods of solving this…

Q: The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel…

A: Given information:Available number of rooms in hotel = 100Rent of room per night = $150Variable…

Q: You're playing duplicate bridge. pass or to bid game in spades, namely to bid four spades. You…

A:

Q: Recently, a nurse commented that when a patient calls the medical advice line claiming to have the…

A: Given : p = 0.04 n = 25

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.