The personnel department of Franklin National Life Insurance compiled the accompanying data regarding the income and education of its employees.Income$60,000 or BelowNoncollege Graduate8802020380College Graduate720Let A be the event that a randomly chosen employee has a college degree, and let B be the event that the chosen employee's income is more than $60,000.(a) Find each of the following probabilities. (Round your answers to four decimal places.)P(A) =P(B) =P(An B) =P(B | A) =P(B|AC) =(b) Are the events A and B independent events?YesNoIncomeAbove $60,000

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Answered: The personnel department of Franklin…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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You hold an oral, or English, auction among three bidders. You estimate that each bidder has a value of either $48 or $60 for the item, and you attach probabilities to each value of 50%. The winning bidder must pay a price equal to the second highest bid. The following table lists the eight possible combinations for bidder values. Each combination is equally likely to occur. On the following table, indicate the price paid by the winning bidder. Bidder 1 Value Bidder 2 Value Bidder 3 Value Probability Price ($) ($) ($) $48 $48 $48 0.125 $48 $48 $60 0.125 $48 $60 $48 0.125 $48 $60 $60 0.125 $60 $48 $48 0.125 $60 $48 $60 0.125 $60 $60 $48 0.125 $60 $60 $60 0.125 The expected price paid is ______ . Suppose that bidders 1 and 2 collude and would be willing to bid up to a maximum of their values, but the two bidders would not be willing to bid against each other. The probabilities of the…
The following table describes the contents of a bag that contains red, green, blue, pink, and white marbles. Color Number of Marbles Red 23 Green 2 Blue 27 Pink 15 White 10 If you select a single marble out of the bag, what is the probability that it is a color other than white or blue? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.
A poker hand consists of five cards randomly dealt from a standard deck of 52 cards. The order of the cards does not matter. Determine the following probabilities for a 5-card poker hand. Write your answers in percent form, rounded to 4 decimal places. Determine the probability that exactly 3 of these cards are Aces. Answer: Determine the probability that all five of these cards are Spades. Answer: Determine the probability that exactly 3 of these cards are face cards. Answer: Determine the probability of selecting exactly 2 Aces and exactly 2 Kings Answer: Determine the probability of selecting exactly 1 Jack. Answer: B
Suppose the probability of an IRS audit is 1.2 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more. (a) What are the odds that such a taxpayer will be audited? (Round your answers to the nearest whole number.) Odds that a taxpayer will be audited to (b) What are the odds against such a taxpayer being audited? (Round your answers to the nearest whole number.) Odds against a yaxpayer being audited to
On the basis of his sale records, a salesman knows that his weekly commissions have the probabilities shown below. Commission 0 $1,000 $2,000 $3,000 $4,000 Probability 0.17 0.2 0.43 0.1 0.1 Find the salesman's expected commission.
You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent
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