Answered: In a business venture, a man can make a…

In a business venture, a man can make a profit of Ksh2,000Ksh2,000 with a probability of 0.40.4 or have a loss of kshs1,000kshs1,000 with a probability

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...

See similar textbooks

Related questions

Q: During a given week, the probability that a particular common stock issue will increase (I) in…

Q: A data analyst attempting to predict a tech company's earnings in the year of 2024 believes that the…

A: Let Y be the event of significant earning growth.Let X1 be the event that average interest rates in…

Q: A recent study for Las Vegas showed that the probability of an individual resident moving in a given…

A: Solution: Let X be the number of times an individual will move and n be the number of years. From…

Q: 35 year old man pays $191 for a one year life insurance policy with a coverage of $140,000 if the…

A: Given that a 35 year old man pays $191 for a one year life insurance policy with a coverage of…

Q: Suppose that the average GPA of all students in a large university is 2.8 and the s. d. is 0.65. 49…

A: From the provided information, Mean (µ) = 2.8 Standard deviation (σ) = 0.65 Sample size (n) = 49

Q: Suppose a company charges an annual premium of $475 for a fire insurance policy. In case of a fire…

A: We make a probability distribution for claims Claim (xi) 0 100000 Probability (pi)…

Q: A company sells laptops with a warranty of 2 years. The probability of a laptop failing during the…

A: Here given that a company sells laptops with a warranty of 2 years. The probability of a laptop…

Q: What is the expected payout in the next year?

Q: Bank tellers in a certain bank make errors in entering figures in their ledgers at a rate of 0.8…

A: Given,a rate of errors per page =0.8no.of errors per 5 pages(λ) = 5×0.8=4X=no.of errors per 5…

Q: A 28-year-old man pays $110 for a one-year life insurance policy with coverage of $100,000. If the…

Q: the company figures that the probability of the house being burned down by fire is 0.005, what will…

A: Given that an insurance company insures a house worth P4,500,000 for an annual premium of P25,000.

Q: The probability that it will rain on a given day is 0.23. What is the probability that it will not…

A: The probability that it will rain on a given day is 0.23 P(Rain) = 0.23 We know that , complement of…

Q: Suppose that it rains in Spain an average of once every 15 days, and when it does, hurricanes have a…

Q: A nervous kicker usually makes 72% of his first field goal attempts. If he makes his first attempt,…

A: From the provided information, P (makes first field goal attempt) = 0.72 P (Makes second attempt|…

Q: Suppose that a trainee soldier shoots a target in an independent fashion. If the probability that…

Q: Suppose the influenza vaccine this year is 88% effective to prevent the flu among high-risk…

A: Probability, p = 88% = 0.88Sample size = 25

Q: A negative z-value implies a negative probability

A: Z~N(μ=0, σ2=1)

Q: The probability of a student who wants to become a pilot to pass the written exam for private pilot…

A: We have to find given probability.

Q: Suppose 90% of kids who visit a doctor have a fever, and 35% kids with a fever have sore throats.…

A: Independent Events: Any two events A and B are said to independent if the occurrence of the event…

Q: Refer to Table 1. What is the probability that an undergraduate business major intends to attend…

Q: Suppose that it snows in Greenland an average of once every 21 days, and when it does, glaciers have…

A: Let S be the event that it is snowing. The chance of snowing is once in 21 days . Therefore,…

Q: If a person invests in the stock market and has a probability of 0.78 of winning $52,943 or a…

A: If a person invests in the stock market and has a probability of 0.78 of winning $52,943 or a…

Q: Suppose a baseball player's batting average is .325. What is the probability that in the next 100…

A: Given, p = 0.325 n = 100 trials X = number of times, out of 100 that are success

Q: The probability that a 50-year-old man will survive a fixed length of time is 0.995. An insurance…

Q: An insurance policy on an electrical device pays a benefit of $4800 if the device fails during the…

Q: The probability that John will go to Cambridge is estimated at 1/5; the probability that he will go…

Q: An analyst estimates there is a probability of 18 percent that there will be a recession next year.…

A: Given,An analyst estimates there is a probability of 18 percent that there will be a recession next…

Q: The probability of an archer missing the target is 2/3. 1. What is the probability that the archer…

A: Given

Q: Suppose a life insurance company sells a $120,000 one-year term life insurance policy to a…

A: Given P=0.999356 q=1-p =1-0.999356 =0.000644

Q: The mosquitos are out in your back yard, and they bite you at random times. Each bite happens…

A: The average time between bites is 1.417 minutes. Each bite happens independently of the last bite.

Q: A medical journal reports that the likelihood of having a headache during any single week is 0.035 .…

A: It is given that, A medical journal reports that the likelihood of having a headache during any…

Q: Suppose a very safe driver has a likelihood of getting into an accident of 1/20 every year.…

A: Given Rate=1/20 every year P(X≥1)=? Let X be the number of accident

Q: Suppose that it rains in Spain an average of once every 8 days, and when it does, hurricanes have a…

A: Let R be the event that it rains in Spain. So P(R) = 1/8 = 0.125 Also let H be the event that there…

Q: By investing in a stock, Mark can make a profit in one year of 5,000 with a probability of 0.3 or…

A: By investing in a stock, Mark can make a profit in one year of 5,000 with a probability of 0.3 or…

Q: If 70% of a population is vaccinated, and the hospitalization rate is 5 times higher for an…

A: Dear student, If you find this solution helpful please upvote ? it.

Question

In a business venture, a man can make a profit of Ksh2,000Ksh2,000 with a probability of 0.40.4 or have a loss of kshs1,000kshs1,000 with a probability of 0.6.0.6. What is his expected profit?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

It is known that 1/3 of the probability of getting rid of a disease. What are the chances of getting rid of more than 3 out of 8 people who get this disease but 6 or less?
Suppose a person is looking for a one-year life insurance policy. They decide on a $232994 policy. This policy costs $291 per year. Suppose the probability the person dies in the year is 0.0006. Find the expected value of the policy for the insurance company. Give your answer as a decimal to at least two decimal places.
When Cecilia’s car needs a new transmission, she’s stuck with a bill for $1524 . The dealership offers her an 18 -month loan at 14.5% interest to be repaid in 18 equal installments. Find the monthly payment. Round your intermediate steps to the nearest cent. The monthly payment is $ .
If there is a 10% chance it will rain each day for the next week, what is the probability that it will rain at least once?
Suppose on a given day, there is a 23% chance Emily will forget her wallet when going to work. What is the probability she forgets her wallet at least once in the next ten days she goes to work?
A hacker breaking into a computer system has a 15% chance of breaking into a system in 2 minutes, a 25% chance after 5 minutes, and a 60% chance after 20 minutes. What is the expected time will take the hacker to get in?
A production line stops operating once a defective item is produced. The probability of producing a defective item is 0.001. What is the probability that the line stops production on the 1000 item produced.
Suppose the average tread-life of a certain brand of tire is 45,000 miles and that this mileage follows the exponential probability distribution. What is the probability that a randomly selected tire will have a tread-life between 30,000 and 50,000 miles?
Suppose that it rains in Spain an average of once every 11 days, and when it does, hurricanes have a 9% chance of happening in Hartford. When it does not rain in Spain, hurricanes have a 3% chance of happening in Hartford. What is the probability that it rains in Spain when hurricanes happen in Hartford? (Round your answer to four decimal places.)
The mosquitos are out in your back yard, and they bite you at random times. Each bite happens independently of the last bite. The average time between bites is 2.501 minutes. What is the probability that it takes longer than 1 minutes for them to first bite you?
Let the rate of accident in a city is 7 during half a day. What is the probability that 3 accidents happen during the next 24 hours?
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.