MY NOTESASK YOUR TEACHERAn auto insurance company classifies each motorist as "high risk" if the motorist has had at least one moving violation during the past calendar year and "low risk" if the motorist has had noviolations during the past calendar year. According to the company's data, a high-risk motorist has a 50% chance of remaining in the high-risk category the next year and a 50% chance of moving tothe low-risk category. A low-risk motorist has a 30% chance of moving to the high-risk category the next year and a 70% chance of remaining in the low-risk category. In the long term, whatpercentage of motorists fall in each category? (Round your answers to two decimal places.)high-risk categorylow-risk category%Need Help?Master ItRead It

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Answered: MY NOTES ASK YOUR TEACHER An auto…

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...

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Part 1: The state of Maryland's arrest rate for marijuana possession in 2010 was the fourth highest in the nation. Public records for that year show that police arrested one out of every 250 Maryland residents for possession of marijuana. In addition, while Black people only comprised 30% of the State's population in 2010, 58% of those arrested for marijuana possession were Black. Use the following labels for events describing Maryland residents in the year 2010. M-AMP: Maryland resident was arrested for marijuana possession M-B: Maryland resident was a Black person a) What is the probability that a Maryland resident was arrested for marijuana possession in 2010? b) Use probability notation to express the cited percent values. 30% = P( 58% = P( c) Which of the values cited should be compared to determine whether race and arrests for marijuana possession in the state of Maryland in 2010 are independent?
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An investment counselor calls with a hot stock tip. He believes that if the economy remains strong, the investment will result in a profit of $40,000. If the economy grows at a moderate pace, the investment will result in a profit of $20,000. However, if the economy goes into recession, the investment will result in a loss of $40,000. You contact an economist who believes there is a 20% probability the economy will remain strong, a 70% probability the economy will grow at a moderate pace, and a 10% probability the economy will slip into recession. What is the expected profit from this investment?

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