4. Both George and Sally buy and sell stocks. Just recently George hasinvested in one particular stock but won't tell Sally which stock it is.Sally has narrowed it down to the three companies BHQ, Stoneside andAusBank. From past experience, Sally knows that George will chooseBHQ 50% of the time, Stoneside 20% of the time, and AusBank 30%of the time. Historically, Stoneside has made a profit for investors 90%of the time, AusBank 80% of the time and BHQ 60% of the time.(a) What is the probability of George making a profit?(b) Sally finds out that George made a profit. What is the probabilitythat he invested in Stoneside?

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Answered: (a) What is the probability of George…

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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The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2204 raffle tickets at $5 per ticket. (a) Kevin bought 34 tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.)What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.)(b) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.)$Is this more or less than the amount Kevin paid for the 34 tickets? How much did Kevin effectively contriute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.)$
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(a) What is the probability of George making a profit? (b) Sally finds out that George made a profit. What is the probability that he invested in Stoneside?