Domestic Fraud detection has become an indispensable tool for banks and credit card companies to combat fraudulent credit card transactions.A fraud detection firm has detected minor fraudulent activities in 1.40% of transactions, and serious fraudulent activities in 0.95% oftransactions. Assume that fraudulent transactions remain stable.a. What is the probability that there are minor fraudulent activities in fewer than 2 out of 100 transactions?Note: Do not round intermediate calculations. Round your final answer to 4 decimal places.Probabilityb. What is the probability that there are serious fraudulent activities in fewer than 2 out of 100 transactions?Note: Do not round intermediate calculations. Round your final answer to 4 decimal places.Probability

The data on transactions from a fraud detection firm is provided.It is assumed that the fraudulent…

Answered: Fraud detection has become an…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 33E: Find the probability of each event. Drawing 5 orange cubes from a bowl containing 5 orange cubes and...

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What term is used to express the likelihood of an event occurring? Are there restrictions on its values? If so, what are they? If not, explain.
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A 36 year old man in the United States has a 0.215% risk of dying during the next year. An insurance company charges a premium of $444 for a life insurance policy that pays a $215,047 death benefit. What is the expected gain or loss to the man when purchasing the insurance policy? Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, before entering it in the box below. A negative final answer indicates an expected loss for purchasing the policy.
Sweetwater & Associates write weekend trip insurance at a very nominal charge. Records show that the probability that a motorist will have an accident during the weekend and file a claim is 0.00555. Suppose they wrote 400 policies for the coming weekend, approximately how many claims could they expect to be filed?
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online airline reservation processing system handles randomly-arriving reservations. Requestsarrive at a rate of 300 per hour and take about 8 seconds to process (depending upon complexity).Assume ample buffering and exponential arrival and processing times.A. What is the average number of requests in the system? Average wait time in the queue?B. What is the probability that there are less than 10 requests in the system?C. If 30% of the servers in the system go offline for service will the system remain stable? Whatis the average number of requests in the system then, or will they grow unboundedly?D. The airline adds a smaller reservation system to reduce delays. This system handles one third(33.33%) of incoming requests and takes about 12 seconds to process one request. If incomingrequests are separately buffered for each system, what is the average number of requests in thenew system and the average wait time in the new system?E. In Part D above, what is the average wait time across…
On an emissions control center, 13% of the cars fail the emissions inspection. Assume that the results of each inspection are independent. a. What is the probability that the first inspection failure will be observed at the 6th inspection? b. What is the probability that the second inspection failure will be observed after the 8th inspection, ie, at the 9th or later inspection? Write your answers by providing 3 digits after the decimal point.
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es The Internal Revenue Service is studying the category of charitable contributions. A sample of 25 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 25 returns, five had charitable contributions of more than $1,000. Four of these returns are selected for a comprehensive audit. a. The hypergeometric distribution is appropriate because it is Osampling a small population without replacement. O sampling a small population with replacement. O sampling a large population without replacement. b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? (Round your answer to 4 decimal places.) Probability
Phoenix water is provided to approximately 1.4 million people who are served through more than 362,000 accounts. All accounts are metered and billed monthly. The probability that an account has an error in a month is 0.001, and accounts can be assumed to be independent.1. Approximate the probability of fewer than 350 errors in a month.2. Approximate a value so that the probability that the number of errors exceeds this value is 0.05.3. Approximate the probability of more than 400 errors per month in the next three months. Assume that results between months are independent.
34% that a stock investement will end up in a total loss what is the chance that 1 of 3 investments ends up in a total loss?

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