Salespersons often make repeat calls to "close" a sale. Suppose a particular salespersonhas a 0.70 probability of closing on the first call and that the probability of closingdecreases by 0.10 on each subsequent call. If the salesperson is willing to make up tofour calls on any client, what is the probability of closing a sale? (SHOW WORK;

Probability of closing on first call=0.70Probability decreases by 0.10 on each subsequent call.

Answered: Salespersons often make repeat calls to…

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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There is a 0.9984 probability that a randomly selected 28-year-old male lives through the year. A life insurance company charges $168 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $100,000 as a death benefit. Complete parts (a) through (c) below.
The probability that a giving person at a band show buys their album is 20%. The probability that during the week after the show someone who was at the show convince a friend who is not to buy the bands album within a week is 8%. Which is the probability that someone at the show buys an album or that they convince a friend to buy the band album within a week? (hint: your final answer should be a range: from one % to another % do not round off )
Given that the switch board of a consultant's office receives on the average 0.6 call per minute, find the probability that (a) In a given minute there will be at least one call. (b) In a 4-minute interval, there will be at least 3 calls.
1. ABC inc. stock is currently selling for $30, one year from today the stock price can either increase by 20% or decrease by 15%. The probability of an increase in the stock price is equal to 0.3. The one-year risk-free rate is 5% What is the value of a European put that expires in one year with an exercise price of $24. 2. Graphically, show the value and the profit and loss of the following butterfly position: Long in a call with an exercise price of $30, short in 2 calls with an exercise price of $45, and long in a call with an exercise price of 60. All calls are written on the same stock and have the same maturity. 3. "Early exercise of an American option on a stock that does not pay any dividend is not optimal regardless of whether the option is a Call or a Put". True, False, or Uncertain. Explain.
The problem of traffic delay in a highway can be studied in the following way. Let us assume that the probability of no traffic delay in one period, given no traffic delay in previous period, is 0.85 and that the probability of finding a traffic delay in one period, given a delay in the previous period is 0.75. The period of time is 30 minutes.
Oxnard petri Ltd is buying hurricane insurance for it's off-coast drilling platform. During the next five years, the probability of total loss of only the above-water superstructure ($250 million) is .25, the probability of total loss of the facility ($950 million) is.25, and the probability of no loss is.50. Find the expected loss.( Input the amount as a positive value.) Expected Loss is what?
The probability that a randomly chosen sales prospect will make a purchase is 20%. What is the probability (to three decimal places) that the salesperson will make four or more sales if six sales calls are made on a given day?
The probability that an applicant will be approved for a mortgage is 0.15. Each applicant has the same probability of being approved and the event that they are approved are independent. What is the probability that out of three applicants, exactly two of them get approved? Enter your answer as a decimal, with three decimal places. For example, if the probability is 15.37%, enter 0.154
Suppose that 51% of the people who inquire about investments at a certain brokerage firm end up investing in stocks, 41% end up investing in bonds, and 61% end up investing in stocks or bonds (or both). What is the probability that a person who inquires about investments at this firm will invest in both stocks and bonds? Write your answer as a decimal (not as a percentage).
Show all your work and explain each step. A laboratory blood test is 0.95 effective in detecting Corona virus, when it is, in fact, present. However, the test also yields a "false positive" result for 1 percent of the healthy persons tested. (That is, if a healthy person is tested, then, with probability 0.01, the result will imply s/he has the Corona virus.) If 0.5 percent of the population in King County has the virus, what is the probability a person has the virus given that his or her test result is positive?
A probability that a patient recovers from a rare disease is 0.04. If 15 people were known to have contracted this disease, what is the probability that a. 10 will survive, b. from 3 to 8 will survive C. exactly 5 will survive
Please provide steps for how you got the solution to the problem provided below. A machine is used to produce one of each of two types of product (A and B) on alternating days, i.e., if A is produced today then B will be produced tomorrow and vice versa. Each day, there is a probability that the machine malfunctions. Malfunction probability after a day of operation is 0.03 when producing A and 0.07 when producing B. Once the machine malfunctions, it is no longer operable and will not be replaced until sometime in the future (beyond modeling horizon). Model the system as a Markov chain (give transition matrix on your paper). Suppose that on Monday product A was produced. Find the probability that the machine is still operable by the morning of Thursday. Your model should have a state ”malfunction”, which cannot transition to any other state other than itself.

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