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- A concession stand at a pool tends to get $500 in profit on hot days, $300 on average days, and $200 on cool days. If it is hot 39% of the time, average 47% of the time, and cool 14% of the time, what is the expected value of their profit? Please round to the nearest whole dollar. Profit = Please express your answer as a whole number without any decimals or any other symbols. On a particular type of property insurance policy, about 1 in every 5,000 policies a year tend to make a sizable claim (in other words, a probability of 0.02%, or 0.0002). The claims tend to average about s110000. What would be a fair rate on this policy (before adjusting to cover operating costs)? Please round to the nearest whole dollar. Fair price = $ Please enter only digits into the box. Do not include dollar signs, commas, or any other symbolsIn the game of roulette, a player can place a $7 bet on the number 32 and have a 138 probability of winning. If the metal ball lands on 32, the player gets to keep the $7 paid to play the game and the player is awarded an additional $245.Otherwise, the player is awarded nothing and the casino takes the player's $7. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose.Answer all 4 parts correctly please. I will rate accordingly.
- Please solve all parts of 8.51Use the following probabilities to answer the question. Round to 4 decimal places.P(A)=0.54P(A)=0.54 , P(B)=0.41P(B)=0.41 , P(AandB)=0.05P(AandB)=0.05 .P(B∣A)=You are enrolled in MBA 440. At the beginning of the semester, you used your hunch to estimate the likelihood of passing this class. Let P be the event of passing the class; F is the event of failing the class. Your prior probabilities are as follows: P(P)=0.7 P(F)=0.3 After the first week of class, you find out that you have failed the first assignment. Let A1 be the event of passing the first assignment; let A2 be the event of failing the first assignment. Now you feel you need to update your belief about the likelihood of passing this class. You talk to your Professor and she tells you that given someone has passed the class, the probability of passing the first assignment is 0.8, i.e. P(A1|P)=0.8. She also gives you the following conditional probabilities: P(A2|P)=0.2; P(A1|F)=0.3 and P(A2|F)=0.7. What is the posterior probability that you will pass this class given that you have failed the first assignment?
- Construct a probability distribution of the data below. a. The probabilities that a customer will purchase 0, 1, 2, 3, or 4 books in a bookstore are 0.15, 0.23, 0.11, 0.31 and 0.20 respectively. b. Drawing a card from a deck of 40 cards consisting of 10 cards numbered 1, 10 cards numbers 2, 15 cards numbered 3 and 5 cards numbered 4. c. Two balls are drawn from a bag in which there are 3 white balls and 2 black balls. The number of black balls is counted. d. A delegation of three is selected from a city council made up of 5 liberals and 4 conservatives.Let S be the educational attainment of individuals in a town, with values S-0 for less than high school and S=1 for high school or above. Also, let Y be their individual annual income with values Y-O for less than $20,000, Y-1 for between $20,000 and $40,000, and Y=2 for above $40,000. Consider now the following joint probabilities: Y-0 (less than $20K) Y-1 ($20K-$40K) Y-2 (more than $40K) 0.03 0.01 0.36 0.33 SIY S-0 (Less than HS) 0.05 Y-1 (HS or more) 0.22 Determine the conditional standard deviation of the level of educational attainment given that the individual annual income is between $20,000 and $40,000.An insurance company estimates the probability of an earthquake in the next year to be 0.0013. The average damage done by an earthquake is estimated to be $60,000. If the company offers earthquake insurance for $100, what is their expected value of the policy?
- An insurance policy on an electrical device pays a benefit of $2400 if the device fails during the first year. The amount of the benefit decreases by $800 each successive year until it reaches 0 . If the device has not failed by the beginning of any given year, the probability of failure during that year is 0.29.Find the expected benefit under this policy.In the game of roulette, a player can place a $6 bet on the number 11 and have a ag probability of winning. If the metal ball lands on 11, the player gets to keep the $6 paid to play the game and the player is awarded an additional $210. Otherwise, the player is awarded nothing and the casino takes the player's $6. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose. The expected value is $ (Round to the nearest cent as needed.)