A mortgage holding company has found that 0.09 of its mortgage holders default on theirmortgage and lose the property. Furthermore, 0.93 of those who default are late on at leasttwo monthly payments over the life of their mortgage as compared to 0.38 of those who do notdefault. What is the joint probability that a mortgagee has two or more late monthly paymentsand does not default on the mortgage?0.34580.03420.08370.8463

Step 1: Find the probability of having two or more late monthly payments given that the mortgagee…

Answered: A mortgage holding company has found…

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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The principle of redundancy is used when system reliability is improved through redundant or backup components. Assume that a student's alarm clock has a 19.1% daily failure rate. Complete parts (a) through (d) below. a. What is the probability that the student's alarm clock will not work on the morning of an important final exam? -(Round to three decimal places as needed.) b. If the student has two such alarm clocks, what is the probability that they both fail on the morning of an important final exam? -(Round to five decimal places as needed.) c. What is the probability of not being awakened if the student uses three independent alarm clocks? -(Round to five decimal places as needed.) d. Do the second and third alarm clocks result in greatly improved reliability? A.Yes, because you can always be certain that at least one alarm clock will work. B.No, because the malfunction of both is equally or more likely than the malfunction of one. C.Yes, because…
A recent survey showed that 71 full-time employees out of a sample of 500 did not use all of their vacation days last year. However, 86 of those studied expressed a desire for more vacation time. Based on this sample, if a full-time employee is chosen at random, what is the probability that he or she is content with the vacation allowance? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.
33% of a certain breed of rabbits are born with long hair. What is the probability that in a litter of 8 rabbits, exactly 1 will have long hair? (Give your answer correct to three decimal places.)
Of all mortgage foreclosures in the United States, 41% are caused by disability. People who are injured or ill cannot work--they then lose their jobs and thus their incomes. With no income, they cannot make their mortgage payment and the bank forecloses. 14 mortgage foreclosures are audited by a large lending institution. (Give your answers correct to three decimal places.) (a) Find the probability of P(Five or fewer of the foreclosures are due to disability)(b) Find the probability of P(At least three foreclosures are due to a disability)
The principle of redundancy is used when system reliability is improved through redundant or backup components. Assume that a student's alarm clock has a 15.7% daily failure rate. Complete parts (a) through (d) below. a. What is the probability that the student's alarm clock will not work on the morning of an important final exam? | (Round to three decimal places as needed.) b. If the student has two such alarm clocks, what is the probability that they both fail on the morning of an important final exam? (Round to five decimal places as needed.) c. What is the probability of not being awakened if the student uses three independent alarm clocks? (Round to five decimal places as needed.) d. Do the second and third alarm clocks result in greatly improved reliability? O A. No, because total malfunction would still not be unlikely. O B. No, because the malfunction of both is equally or more likely than the malfunction of one. OC. Yes, because you can always be certain that at least one…
Suppose that we have test for lung cancer, which correctly identifies those with the cancer 70 % of the time, and mistakenly identifies those without the cancer 5 % of the time. In the cohort of interest, the rate of this cancer is somewhat low: 0.9 %. Find the probability -- a number between 0 and 1 -- that someone diagnosed (testing positive) with this test actually has lung cancer.
Assume that the probability of a 25-year-old male living to age 26, based on mortality tables, is 0.993. If a 16,000 dollar one-year term life insurance policy on a 25-year-old male costs 100 dollars, what is its expected value? What is the expected value? The expected value is dollars.
34% of a certain breed of rabbits are born with long hair. What is the probability that in a litter of 11 rabbits, exactly 6 will have long hair? (Give your answer correct to three decimal places.)
A study of hospital admissions in New York State found that of the admissions led to treatment-caused injuries. One-seventh of these treatment-caused injuries resulted in death, and one-fourth were caused by negligence. Malpractice claims were filed in one out of cases involving negligence, and payments were made in one out of every two claims. a. What is the probability a person admitted to the hospital will suffer a treatment-caused injury due to negligence (to decimals)? b. What is the probability a person admitted to the hospital will die from a treatmen-caused injury (to decimals)? c. In the case of a negligent treatment-caused injury, what is the probability a malpractice claim will be paid (to decimals)?
Suppose a company charges an annual premium of $475 for a fire insurance policy. in case of a fire claim, the company will pay out an average of $100,000. Based on acturial studies, it determines that the probability of a fire claim in a year is about 0.004. 1) what is the expected annual profit of a fire insurance policy for the company? 2) What annual profit can the company expect if it issues 1000 policies?
It is estimated that one in twenty-five Americans is a cystic fibrosis carrier. Find the probability that a randomly selected American couple's child will have cystic fibrosis (assuming that they are unrelated). (Enter your answer to four decimal places.)

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