To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3900, and the average first-year commission for each new account opened is $5500. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Assume that the number of new accouts you get randomly is: Simulation Trial New Accounts 1 0 2 1 3 1 4 0 5 0 6 0 7 0 8 0 9 0 10 0 11 0 12 1 13 0 14 0 15 0 16 0 17 0 18 0 19 0 20 0 21 0 22 0 23 1 24 0 25 0
To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3900, and the average first-year commission for each new account opened is $5500. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Assume that the number of new accouts you get randomly is: Simulation Trial New Accounts 1 0 2 1 3 1 4 0 5 0 6 0 7 0 8 0 9 0 10 0 11 0 12 1 13 0 14 0 15 0 16 0 17 0 18 0 19 0 20 0 21 0 22 0 23 1 24 0 25 0
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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To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3900, and the average first-year commission for each new account opened is $5500. Gustin estimates that for each individual attending the seminar, there is a 0.01
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- Assume that the number of new accouts you get randomly is:
Simulation Trial New Accounts 1 0 2 1 3 1 4 0 5 0 6 0 7 0 8 0 9 0 10 0 11 0 12 1 13 0 14 0 15 0 16 0 17 0 18 0 19 0 20 0 21 0 22 0 23 1 24 0 25 0
Construct a spreadsheet simulation model to analyze the profitability of Gustin’s seminars. Round the answer for the expected profit to the nearest dollar. Round the answer for the probability of a loss to 2 decimal places.
The expected profit from a seminar is $ fill in the blank 6 and there is a fill in the blank 7 probability of a loss.
Would you recommend that Gustin continue running the seminars?
Gustinthe seminars in their current format. - How large of an audience does Gustin need before a seminar’s expected profit is greater than zero? Use Trial-and-error method to answer the question. Round your answer to the nearest whole number.
fill in the blank 9 attendees
- Assume that the number of new accouts you get randomly is:
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