An asset manager is compensated daily on the basis of the number of new accounts that are openedwith her on that day and the number of existing accounts that she "manages" on each day (forexample, she may have to return a phone call from an existing client). Let the number of newaccounts opened daily be the random variable N and the number of existing accounts that shemanages daily be the random variable E. The probability she'll open exactly N account in a dayis given by the pmfPN (N) =5-N N=1,2,3,4100, otherwiseGiven that she has opened N accounts in a day, the conditional pmf that she'll manage exactly Eexisting accounts that day is given by the conditional marginal pmf:PEN (EN) =N1≤E≤5-N0, E<1 or E>5-NHer daily salary is based on the formula: S = 2N + E(a) Suppose the manager has opened two new accounts today. What is the conditional probabilitythat she'll manage one, two, or three existing accounts today ("or" in the "exclusive" sense)?(b) Suppose the manager has opened four new accounts today. What is the conditional probabilitythat she'll manage one existing account that day?(c) Derive the joint pmf PN,E (N, E)

Answered: An asset manager is compensated daily…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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