Mary is deciding whether to book the cheaper flight home from college after her final exams, but she's unsure when her last exam will be. She thinks there is only a 20% chance that the exam will be scheduled after the last day she can get a seat on the cheaper flight. If it is and she has to cancel the flight, she will lose $100. If she can take the cheaper flight, she will save $50. a) If she books the cheaper flight, what can she expect to gain, on average? b) What is the standard deviation?

Mary is deciding whether to book the cheaper flight home from college after her final exams, but she's unsure when her last exam will be. She thinks there is only a 20% chance that the exam will be scheduled after the last day she can get a seat on the cheaper flight. If it is and she has to cancel the flight, she will lose $100. If she can take the cheaper flight, she will save $50. a) If she books the cheaper flight, what can she expect to gain, on average? b) What is the standard deviation?

Name: Mary is deciding whether to book the cheaper flight home from college
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: Mary is deciding whether to book the cheaper flight home from college after her final exams, but she's unsure when her last exam will be. She thinks there is only a20% chance that the exam will be scheduled after the last day she can get a seat on t

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Q: Mr.Costo is shopping for a new car.The salesman tells her the price will be $18,795 before a 10%…

A: Marked price = The price at which product is intended to be sold before discount. Calculate the…

Q: 6. Jess wants to buy a car but she cannot decide if she should buy a Honda or a Kia. The Honda costs…

A: First of all we find a function to calculate the worth of car after t years and we compare the…

Q: A camcorder with a price of $300 is discounted 25 % Later , the same camcorder is discounted again…

A: Discount is the deduction from the usual cost of something. So, if we are providing a discount of r%…

Q: Bilqees, a prospective university student who just matriculated, must decide which profession she…

A: Solution: X (X-X) (X-X)2 287 37 1369 196 -54 2916 276 26 676 252 2 4 275 25 625 325…

Q: Amy invested $500 per month in a 401k that earned 6% annual return for 40 years. Hank invested…

Q: An artist travels to craft fairs all summer long. She must book her booth at a June craft show six…

Q: Bilqees, a prospective university student who just matriculated, must decide which profession she…

A: Given that , Bilqees decides that if economics graduates earn, on average, R250 000 per year within…

Q: An electronic game listed at $212.00 less 20%, 6%, 5% is offered at a further reduced price of…

A: Introduction: First find net decimal equivalents multiplying the complement of each trade discount…

Q: A study found that the average home price for 14 houses in one community was $285,000. Two more…

A: We need to find new average price.

Q: Some stores allow their customers to stack coupons or discounts. This means that customers can use…

A: D is the correct answer

Q: Question 1: What is the sample standard deviation for the salaries?

A: given data : 287,196,276,252,275,325,204,185

Q: An artist travels to craft fairs all summer long. She must book her booth at a June craft show six…

Q: A clothing store is having a 20% off sale. If the original price of a shirt is $26, then how much…

Q: yler wants to buy a computer monitor. He found the monitor he wants on three different websites. The…

A: The original price of the monitor is $90 on for all the three websites. The website R has a sale for…

Q: You decide to go school shopping one day and make several different purchases. You bought a few…

A: Let the amount of cash at the start equals to 'x'There are so many methods of solving this…

Q: Both ashley and Bill want to buy a $400 giant teddy bear. Ashley currently has $80 a 15% off coupon…

A: Given Data: Cost of teddy bear=$400 Let 'x' be the number of days it takes Ashley to buy the toy…

Q: James, Cierra, and Lamont went shopping together. One of them bought a shirt, another bought…

Q: Dave and Ellen are newly married and living in their first house. The yearly premium on their…

A: The answer is attached below,

Q: Last year’s freshman class at Big State University totaled 5,324 students. Of those, 1,253 received…

Q: Each Friday afternoon, Xiang and Lin both hand out coupons on campus for discount meals at a…

A: If a discrete random variable x has probability distribution P(x), then the expected value or mean…

Q: A, B and C are partners with C as the industrial partner. A contributed P50,000 and B contributed…

Q: Last year's freshman class at Big State University totaled 5,320 students. Of those, 1,262 received…

A: Given: Meanμ=3450Standard Deviationσ=480

Q: A raffle is being held to benefit the local animal shelter. They sell 518 tickets that do not win…

A: It is required to determine the amount the shelter would be expected to earn on selling each raffle…

Q: The local supermarket buys lettuce each day to ensure really fresh produce. Each morning, any…

A: Buying price = $5 Selling price = $15 For old lattice dealer willing to pay (salvage price ) = $1.6…

Q: Solve the problem by decution. Four friends Sheldon, Raj, Leonard and Howard decided to invest…

Q: You are shopping for a new winter coat. The price on the rack is $90.00. You have a 20% off coupon…

Q: Janus Seagull had a car accident and was out of work for a year. Janus believes that the accident…

A: Construct a decision tree for the given scenario: The decision tree should be constructed based on…

Q: Carl was competing on a game show, and he ran into a losing streak. First, he bet half of his money…

A: Solution:- The step-by-step solution of given question is explain below.. Let total amount that Carl…

Q: Steeve would like to own a stock in either EasySoft Corporation or SuperSneeze International. If…

Q: While shopping at your favorite store, you pick out two pairs of jeans at $49 each and a pair of…

A: detailed solution is given below

Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Topic Video

Question

Mary is deciding whether to book the cheaper flight home from college after her final exams, but she's unsure when her last exam will be. She thinks there is only a
20% chance that the exam will be scheduled after the last day she can get a seat on the cheaper flight. If it is and she has to cancel the flight, she will lose $100. If
she can take the cheaper flight, she will save $50.
a) If she books the cheaper flight, what can she expect to gain, on average?
b) What is the standard deviation?
a) If she books the cheaper flight, what can she expect to gain, on average?
On average, she can expect to gain $.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Discrete Probability Distributions$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions

Jim, Mike, Bob, and Carlos are taking a road trip. They are taking turns paying for the gas. At the first gas stop, Jim pays $17. At the second stop, Mike pays $10. At the last stop, Carlos buys 19 worth of gas. If they are about sharing expenses, who owes money to who?
If the option will cost the investor an additional $10,000, should the investor purchase the option?
if you work for a non-profit and you want to (and its legal) to run your own lottery. Suppose you need to collect at least $25,000. Design a lottery to allow you to achieve your goal. HOw many tickets would you sell? How many prices ( and for how much ) would you have? How much would you charge per ticket?
According to one study, the average monthly cell phone bill in a certain country is $70 (up 31% since 2009). If an 18-year old student with an average bill gives up his cell phone and each month invests the $70 he would have spent on his phone bill in a savings plan that averages a 4% annual return, how much will he have saved by the time he is 70? He will have saved $by the time heis 70. (Round to the nearest cent as needed.)
The firm you founded currently has 16 million shares, of which you own 5 million. You are considering an IPO where you would sell 2 million shares for $22 each. If all of the shares sold are primary shares, how much will the firm raise? What will be your percentage ownership of the firm after the IPO?
If I have an exam which lasts 3 hours and there are 42 questions, 34 which are worth 2% and 8 that are worth 4% - how long should I spend on a 2% question and how long should I spend on a 4% question?
Giapetto is thinking of buying a new cutting tool for $20 to make toy soldiers and a new clamping tool for $15 to make toy trains. If he does not buy a new tool, he can still make a toy using the older tool he already has. However, using an old cutting tool leads to 50% of the produced soldiers and using an old clamping tool leads to 20% of the produced trains to be defective. With a new tool, there is no defective production. Giapetto cannot sell any defective product. Weekly demands (must be met exactly without left- over inventory) and productions costs are as follows: 1. Soldiers 2. Trains Demand (units/week) Production cost ($/unit) 400 300 7 17 There are other details about the problem which will be added later. Giapetto started formulating a mathematical model considering only the above description and defined the following decision variables: • xi: Production quantity for type i toy, i = 1, 2 corresponding to soldiers and trains, respectively. Considering the above problem…
Lynn and Kim own two competing convenience stores. Both of them purchase a similar shipment of chocolate bars for $2,800.00 every month to sell at their stores. Lynn has a rate of markup of 45.00% on cost of her chocolate bars and Kim has a rate of markup of 30.00% on selling price of her chocolate bars. a. Which store sells the shipment of chocolate bars for a cheaper price? b. How much cheaper are the chocolate bars? rount to 2 dermical places.
Dave and Ellen are newly married and living in their first house. The yearly premium on their homeowner’s insurance policy is $600 for the coverage they need. Their insurance company offers a discount of 8 percent if they install dead-bolt locks on all exterior doors. The couple can also receive a discount of 5 percent if they install smoke detectors on each floor. They have contacted a locksmith, who will provide and install dead-bolt locks on the two exterior doors for $105 each. At the local hardware store, smoke detectors cost $28 each, and the new house has two floors. Dave and Ellen can install the smoke detectors themselves. a. Assuming their insurance rates remain the same, how many years will it take Dave and Ellen to earn back in discounts the cost of the dead-bolts? b. How many years will it take Dave and Ellen to earn back in discounts the cost of the smoke detectors?
Bilqees, a prospective university student who just matriculated, must decide which profession she will study towards. She has a passion for economics but will only follow her passion if she can determine whether economics graduates are paid well in the labour market (if not, she will choose to study accounting). She decides that if economics graduates earn, on average, R250 000 per year within five years of graduation she will pursue the study of economics.Bilqees asks her older sibling, an econometrician, to help her estimate the average salary of economics graduates based on a small sample using confidence interval estimation. She interviews a sample of eight recent economics graduates who are currently employed in order to investigate whether the average salary is at least as high as her requirement. These data are handed to her sibling for confidence interval estimation and are given below (measured in thousands of rands): X 287 196 276 252 275 325 204 185 Question: What is the…