Caselet 2: Life Insurance Sales A life insurance salesman sells on the average 3 life insurance policies per week Calculate the probability that in a given week he will sell some policies.
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Q: The police records of a metropolitan area kept over the past 300 days show the following number of…
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Q: A person invests $1,000 into stock of a company that hopes to go public in one year. The probability…
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Q: At the close of the stock markets on a day in 2013, there were 5905 companies listed with a certain…
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Q: Events A and B are independent. Find the indicated Probability P(A) = 0.35 P(B) = 0.59 P(A and B)
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Q: Salinity in Quebec river is a combination of tides and rain. Rain that diluted the salt occurs about…
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- A student response is selected at random from the results. State the exact probability the student response is from a freshman, given the student prefers to watch reality shows on television.Exhibit 5-10The probability that Pete will catch fish on a particular day when he goes fishing is 0.8. Pete is going fishing 3 days next week. Refer to Exhibit 5-10. The expected number of days Pete will catch fish is?Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x� (the amount of money a player wins or loses) in a single game is as follows:
- At the close of the stock markets on a day in 2013, there were 5905 companies listed with a certain stock exchange. On this day, the probabilities of advancing, declining, and unchanged company stocks appears in the table for the two exchanges. Find the probability an advancing stock was listed on Exchange 1. Percentage of Probability of Probability of Companies Probability the Stock Stock Stocks Remain Exchange Exchange 1 Exchange 2 Declining 0.267 Listed Advancing Unchanged 0.041 54.8% 0.684 45.2% 0.657 0.297 0.046 ..... The probability that an advancing stock was listed on Exchange 1 is (Round to three decimal places as needed.)The annual premium for a $20,000 insurance policy against the theft of a painting is $300. If the probability that the painting will be stolen during the year is 0.02, what is your expected return from the insurance company if you take out this insurance? Upload your answer with your work and explanations hereInsurance: An insurance company sells a 1-year term life insurance policy to an 79-year-old woman. The woman pays a premium of $1800. If she dies within 1 year, the company will pay $39,000 to her beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 79-year-old woman will be alive 1 year later is 0.9561. Let X be the profit made by the insurance company. Part 1 of 2 (a) Find the probability distribution. The probability distribution is X -37200 1800 P(x) 0.0439 0.9561 Alternate Answer: X P(x) Part: 1 / 2 Part 2 of 2 - 37,200 1800 0.0439 0.9561 (b) Find the expected value of the profit. Expected value of the profit is S X 00
- At the close of the stock markets on a day in 2013, there were 5905 companies listed with a certain stock exchange. On this day, the probabilities of advancing, declining, and unchanged company stocks appears in the table for the two exchanges. Find the probability an unchanged stock was listed on Exchange 1. Exchange Exchange 1 Exchange 2 Percentage of Probability of Probability of Stock Stock Companies Listed Advancing Declining 0.045 0.267 0.047 0.297 54.4% 45.6% The probability that an unchanged stock was listed on Exchange 1 is (Round to three decimal places as needed.) Probability the Stocks Remain Unchanged 0.045 0.047The airline knows that about 7 percent of those who buy a plane ticket do not arrive for the flight. The plane has seats for 250 passengers, but the airline has sold 265 tickets. Approximate the probability that there will be enough seats for everyone arriving on the flight.There is a 0.9985 probability that a randomly selected 30-year-old male lives through the year. A life insurance company charges $191 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $120,000 as a death benefit. Complete parts (a) through (c) below.
- A manufacturer makes two models of an item: model I, which accounts for 75% of unit sales, and model II, which accounts for 25% of unit sales. Because of defects, the manufacturer has to replace (or exchange) 5% of its model I and 10% of its model II. If a model is selected at random, find the probability that it will be defective. Please round the final answer to 2 or 3 decimal places. P(detective)=A baseball player has a batting average of 0.36. What is the probability that he has exactly 6 hits in his next 7 at bats?The probability is .The probability model below describes the number of repair calls that an appliance repair shop may receive during an hour. Repair Calls 1 2 3 4 Probability .3 .3 .2 .1 Find the probability that 2 or more repair calls will be received in the next hour.
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