Consider the two options in the following table, both of which have random outcomes:Option 1Probability PossibleOutcomesof Outcome($)1504007502001500.060.250.380.250.06a. Determine the expected value of each option.Expected value of Option 1: $1Expected value of Option 2: $[Option 1Option 2Probabilityof OutcomeVariance of Option 2:Standard deviation of Option 2:c. Which option is most risky?Option 21/51/51/51/51/5PossibleOutcomes ($)b. Determine the variance and standard deviation of each option.Instruction: Round your answers for standard deviation to 2 decimal places.Variance of Option 1:Standard deviation of Option 1: [1202551,500255120

Given two options of random variables Option 1 Option 2 Prob. of outcomes Possible…

Answered: Option 1 Probability of Outcome 0.06…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day Probability 0 1 2 0.01 0.04 0.2 4 5 6 0.3 0.11 0.09 Find the expected number of complaints per day. The expected number of complaints per day is (Do not round your answer.) 3 0.25
A(n) ________ relates each possible outcome to its probability of occurrence. A. frequency B. probability distribution C. coin toss D. expected value
Contingency Tables and Conditional Probability: Homework and Passing a Course A teacher categorized students by whether they regularly completed their homework (or not) and whether they passed the course (or not). The data are in the table below. Did not Complete HW Completed HW 26 Total Passed the Course 33 Did not Pass the Course 18 24 Total 32 25 57 A student from the class is randomly selected. Determine the following probabilities. Enter your results as percents rounded to two decimal places. What is the probability a student passed the course? What is the probability a student passed the course or completed the HW? What is the probability a student passed the course and completed the HW? What is the probability a student completed their homework given that they passed the course? Question Help: Written Example Message instructor Submit Question Jump to Answer 43,324 MAR tv 8. HELLO R
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Summer Wine Sales 1000 2000 3000 4000 5000 0000 7000 Assume that the weekly summer wine sales at the local winery vary with a mean of u 2600 dollars and standard deviation o= 1300 dollars. The student is actually going to attend a wedding at the winery in August, and he is wondering what is the probability that the sales for that week will be more than 2500 dollars. Can he calculate this probability? O Yes O No
K Suppose a life insurance company sells a $220,000 1-year term life insurance policy to a 20-year-old female for $230. According to the National Vital Statistics Report, 58(21), the probability that the female survives the year is 0.999544. Compute and interpret the expected value of this policy to the insurance company. The expected value is $. (Round to the nearest cent as needed.) Which of the following interpretations of the expected value is correct? Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest cent as needed.) OA. The insurance company expects to make a profit of $ on every 20-year-old female it insures for 1 month. OB. The insurance company expects to make a minimum profit of $ on every 20-year-old female OC. The insurance company expects to make a profit of $ on every 20-year-old female it insures for 1 year. OD. The insurance company expects to make a maximum profit of $ on every 20-year-old female it insures for 1…
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