What are the probability distributions for the annual benefit and life for the following project? The annual benefit’s most likely value is $8000 with a probability of 60%. There is a 30% probability that it will be $5000 and the highest likely value is $10,000. A life of 6 years is twice as likely as a life of 9 years.

What are the probability distributions for the annual benefit and life for the following project? The annual benefit’s most likely value is $8000 with a probability of 60%. There is a 30% probability that it will be $5000 and the highest likely value is $10,000. A life of 6 years is twice as likely as a life of 9 years.

Name: What are the probability distributions for the annual benefit and life
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: What are the probability distributions for the annual benefit and life for the following project? The annual benefit’s most likely value is $8000 with a probability of 60%. There is a 30% probability that it will be $5000 and the highest likely value

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...

See similar textbooks

Similar questions

A recent survey showed that 17% of community college students experienced at least some homelessness during their first year at a community college. Surveys also show that 80% of community college students need to take English their first year at a CC. Based on these surveys what is the probability of first year CC students experiencing at least some homeless during their first year and taking an English class? Show the formula, the math plug-ins, and answer.
If she made the last free throw, then her probability of making the next one is 0.6. On the other hand, If she missed the last free throw, then her probability of making the next one is 0.5.
Number 2
Show your solution step by step
An insurance company sells a $12,000, five-year term life insurance policy to an individual for $640. Find the expected return for the company if the probability the individual will live for the next five years is 0.98. (Round your answer to the nearest cent.) (Don't Hand writing in solution) .
An insurance company sells a $20,000, seven-year term life insurance policy to an individual for $1,700. Find the expected return for the company if the probability the individual will live for the next seven years is 0.92. (Round your answer to the nearest cent.)$
An insurance company sells a $11,500, five-year term life insurance policy to an individual for $860. Find the expected return for the company if the probability the individual will live for the next five years is 0.96. (Round your answer to the nearest cent.)
Suppose that you test each product whether it conforms to the standards or not. The probability of failure is 0.15. Find the probability of number of tests you need to conduct being equal to 10 until you find the 1th failure?
Suppose you are producing an outdoor festival. You estimate that you will make $100000 if it does not rain and make $50000 if it does rain. The weather bureau predicts that the chance of rain is 35% for the day of the concert. What are your expected earnings for the festival?
The exponential variable describes time between trains to NYC's subway station in the Downtown. The average number of trains is 8 per one hour. Find the probability that more than 10 minutes will elapse between two trains?
Suppose that at a college, 55% of the students earn a degree at the end of four years and 27% earn a degree at the end of five years. What is the probability of earning a degree at the end of four or five years? Give your answer exactly as a decimal (not as a percent).
A nervous kicker usually makes 69% of his first field goal attempts. If he makes his first attempt, his success rate rises to 94%. What is the probability that he makes his first two kicks? The probability that the kicker makes his first two kicks is (Round to three decimal places as needed.)