Mathematical Excursions (MindTap Course List)
4th Edition
ISBN: 9781305965584
Author: Richard N. Aufmann, Joanne Lockwood, Richard D. Nation, Daniel K. Clegg
Publisher: Cengage Learning
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Chapter 12, Problem 7T
To determine
Probability that the person draws at least 1 ace
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Chapter 12 Solutions
Mathematical Excursions (MindTap Course List)
Ch. 12.1 - In a stack of 12 identical-looking coins, one is...Ch. 12.1 - In a stack of 13 identical-looking coins, one is...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the elements of the sample space defined by...
Ch. 12.1 - Prob. 9ESCh. 12.1 - List the elements of the sample space defined by...Ch. 12.1 - List the sample space of paths that start at A and...Ch. 12.1 - Prob. 12ESCh. 12.1 - Use the counting principle to determine the number...Ch. 12.1 - Use the counting principle to determine the number...Ch. 12.1 - Use the counting principle to determine the number...Ch. 12.1 - Use the counting principle to determine the number...Ch. 12.1 - Prob. 17ESCh. 12.1 - Prob. 18ESCh. 12.1 - Use the following experiment. Two digit numbers...Ch. 12.1 - Prob. 20ESCh. 12.1 - Use the following experiment. Two digit numbers...Ch. 12.1 - Prob. 22ESCh. 12.1 - Prob. 23ESCh. 12.1 - Use the following experiment. Two digit numbers...Ch. 12.1 - Prob. 25ESCh. 12.1 - Use the following experiment. Four cards labeled...Ch. 12.1 - Prob. 27ESCh. 12.1 - Use the following experiment. Four cards labeled...Ch. 12.1 - Prob. 29ESCh. 12.1 - Use the following experiment. A state lottery game...Ch. 12.1 - Use the following experiment. A state lottery game...Ch. 12.1 - Use the following experiment. A state lottery game...Ch. 12.1 - Prob. 33ESCh. 12.1 - Prob. 34ESCh. 12.1 - Prob. 35ESCh. 12.1 - Prob. 36ESCh. 12.2 - For each of the following exercises, assume that a...Ch. 12.2 - For each of the following exercises., assume that...Ch. 12.2 - For each of the following exercises, assume that a...Ch. 12.2 - For each of the following exercises, assume that a...Ch. 12.2 - For each of the following exercises, assume that a...Ch. 12.2 - Prob. 1ESCh. 12.2 - Prob. 2ESCh. 12.2 - Prob. 3ESCh. 12.2 - Prob. 4ESCh. 12.2 - Evaluate the expression. (83)!Ch. 12.2 - Prob. 6ESCh. 12.2 - Evaluate the expression. P(8,5)Ch. 12.2 - Evaluate the expression. P(7,2)Ch. 12.2 - Evaluate the expression. P(9,7)Ch. 12.2 - Prob. 10ESCh. 12.2 - Evaluate the expression. P(8,0)Ch. 12.2 - Evaluate the expression. P(7,0)Ch. 12.2 - Evaluate the expression. P(8,8)Ch. 12.2 - Prob. 14ESCh. 12.2 - Evaluate the expression. P(8,2)P(5,3)Ch. 12.2 - Prob. 16ESCh. 12.2 - Evaluate the expression. P(6,0)P(6,6)Ch. 12.2 - P(10,4)P(8,4) Evaluate the expression....Ch. 12.2 - Evaluate the expression. C(9,2)Ch. 12.2 - Prob. 20ESCh. 12.2 - Evaluate the expression. C(12,0)Ch. 12.2 - Prob. 22ESCh. 12.2 - Prob. 23ESCh. 12.2 - Evaluate the expression. C(8,5)C(9,4)Ch. 12.2 - Prob. 25ESCh. 12.2 - Evaluate the expression. C(4,3)C(5,2)C(9,5)Ch. 12.2 - Prob. 27ESCh. 12.2 - Prob. 28ESCh. 12.2 - Prob. 29ESCh. 12.2 - Evaluate the expression. 5!C(18,0)Ch. 12.2 - How many combinations are possible? Assume that...Ch. 12.2 - How many combinations are possible? Assume that...Ch. 12.2 - How many combinations are possible? Assume that...Ch. 12.2 - Prob. 34ESCh. 12.2 - Is it possible to calculate C(7,9)? Think of your...Ch. 12.2 - Prob. 36ESCh. 12.2 - Music Downloads A student downloaded 5 music tiles...Ch. 12.2 - Elections The board of directors of a corporation...Ch. 12.2 - Elections A committee of 16 students must select a...Ch. 12.2 - The Olympics A gold, a silver, and a bronze medal...Ch. 12.2 - Music Festival Six country music bands and 3 rock...Ch. 12.2 - Prob. 42ESCh. 12.2 - Passwords A password require 8 characters. If a...Ch. 12.2 - Gardening A gardener is planting a row of tulip...Ch. 12.2 - Prob. 45ESCh. 12.2 - Platoons A typical platoon consists of 20...Ch. 12.2 - Exam Questions A professor gives his students 7...Ch. 12.2 - Test Banks A math quiz is generated by randomly...Ch. 12.2 - Committee Selection A committee of 6 people is...Ch. 12.2 - Quality Control In a shipment of 20 smart phones,...Ch. 12.2 - Prob. 51ESCh. 12.2 - Basketball In the Eastern Conference of the...Ch. 12.2 - Prob. 53ESCh. 12.2 - Prob. 54ESCh. 12.2 - Softball Eighteen people decide to play softball....Ch. 12.2 - Bowling Fifteen people decide to form a bowling...Ch. 12.2 - Signal Flags The Coast Guard uses signal flags as...Ch. 12.2 - Pizza Toppings A restaurant offers a special pizza...Ch. 12.2 - Letter Arrangements How many different letter...Ch. 12.2 - Prob. 60ESCh. 12.2 - Coin Tosses Ten identical coins are tossed. How...Ch. 12.2 - Coin Tosses Twelve identical coins are tossed. How...Ch. 12.2 - Prob. 63ESCh. 12.2 - Prob. 64ESCh. 12.2 - Refer to a standard deck of playing cards. Assume...Ch. 12.2 - Prob. 66ESCh. 12.2 - Refer to a standard deck of playing cards. Assume...Ch. 12.2 - Prob. 68ESCh. 12.2 - Prob. 69ESCh. 12.2 - Refer to a standard deck of playing cards. Assume...Ch. 12.2 - Prob. 71ESCh. 12.2 - Prob. 72ESCh. 12.2 - Prob. 73ESCh. 12.3 - Using the recorded data, calculate the empirical...Ch. 12.3 - The theoretical probability that a toothpick will...Ch. 12.3 - Prob. 3EECh. 12.3 - Prob. 4EECh. 12.3 - Prob. 5EECh. 12.3 - Prob. 6EECh. 12.3 - List the elements of the sample space for each...Ch. 12.3 - Prob. 2ESCh. 12.3 - List the elements of the sample space for each...Ch. 12.3 - List the elements of the sample space for each...Ch. 12.3 - List the elements of the sample space for each...Ch. 12.3 - List the elements of the sample space for each...Ch. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Prob. 10ESCh. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Prob. 14ESCh. 12.3 - Assume that it is equally likely for a child to be...Ch. 12.3 - Prob. 16ESCh. 12.3 - A coin is tossed 4 times. Assuming the coin is...Ch. 12.3 - A coin is tossed 4 times. Assuming the coin is...Ch. 12.3 - In Exercises 19 to 22, a dodecahedral die (one...Ch. 12.3 - In Exercises 19 to 22, a dodecahedral die (one...Ch. 12.3 - In Exercises 19 to 22, a dodecahedral die (one...Ch. 12.3 - Prob. 22ESCh. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - Prob. 24ESCh. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - Prob. 26ESCh. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - Prob. 28ESCh. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - In Exercises 23 to 32, 2 regular 6-sided dice are...Ch. 12.3 - Prob. 32ESCh. 12.3 - If 2 dice are rolled, compute the probability of...Ch. 12.3 - Prob. 34ESCh. 12.3 - In Exercises 35 to 38. a card is selected at...Ch. 12.3 - Prob. 36ESCh. 12.3 - In Exercises 35 to 38. a card is selected at...Ch. 12.3 - Prob. 38ESCh. 12.3 - Voter Characteristics In Exercises 39 to 44, use...Ch. 12.3 - Prob. 40ESCh. 12.3 - Voter Characteristics In Exercises 39 to 44, use...Ch. 12.3 - Voter Characteristics In Exercises 39 to 44, use...Ch. 12.3 - Voter Characteristics In Exercises 39 to 44, use...Ch. 12.3 - Prob. 44ESCh. 12.3 - Education Levels In Exercises 45 to 48, a survey...Ch. 12.3 - Education Levels In Exercises 45 to 48, a survey...Ch. 12.3 - Education Levels In Exercises 45 to 48, a survey...Ch. 12.3 - Education Levels In Exercises 45 to 48, a survey...Ch. 12.3 - Annual Salaries A random survey asked respondents...Ch. 12.3 - Prob. 50ESCh. 12.3 - Annual Salaries A random survey asked respondents...Ch. 12.3 - Prob. 52ESCh. 12.3 - Prob. 53ESCh. 12.3 - Prob. 54ESCh. 12.3 - Genotypes The eye color of mice is determined by a...Ch. 12.3 - Genotypes The height of a certain plant is...Ch. 12.3 - Prob. 57ESCh. 12.3 - Prob. 58ESCh. 12.3 - The odds in favor of an event are given. Compute...Ch. 12.3 - Prob. 60ESCh. 12.3 - The odds in favor of an event are given. Compute...Ch. 12.3 - Prob. 62ESCh. 12.3 - The odds in favor of an event are given. Compute...Ch. 12.3 - Prob. 64ESCh. 12.3 - The probability of an event is given. Find the...Ch. 12.3 - Prob. 66ESCh. 12.3 - Prob. 67ESCh. 12.3 - Prob. 68ESCh. 12.3 - The probability of an event is given. Find the...Ch. 12.3 - Prob. 70ESCh. 12.3 - Game Shows The game board for the television show...Ch. 12.3 - Prob. 72ESCh. 12.3 - If a single fair die is rolled, what are the odds...Ch. 12.3 - Prob. 74ESCh. 12.3 - A coin is tossed 4 limes. What are the odds...Ch. 12.3 - Prob. 76ESCh. 12.3 - Use the table, which is based on information from...Ch. 12.3 - Prob. 78ESCh. 12.3 - Football A bookmaker has placed 8 to 3 odds...Ch. 12.3 - Candy Colors A snack-size bag of M&Ms candies...Ch. 12.3 - If 4 cards labeled A, B, C, and D are randomly...Ch. 12.3 - Prob. 82ESCh. 12.3 - Prob. 83ESCh. 12.3 - Prob. 84ESCh. 12.3 - Prob. 85ESCh. 12.3 - Prob. 86ESCh. 12.3 - Prob. 87ESCh. 12.3 - Prob. 88ESCh. 12.3 - Roulette Exercises 86(091 use the casino game...Ch. 12.3 - Prob. 90ESCh. 12.3 - Prob. 91ESCh. 12.4 - Prob. 1EECh. 12.4 - Prob. 2EECh. 12.4 - Prob. 3EECh. 12.4 - Prob. 4EECh. 12.4 - Some casinos will let you choose up to 20 numbers....Ch. 12.4 - If 20 numbers are chosen, find the probability of...Ch. 12.4 - Prob. 1ESCh. 12.4 - Prob. 2ESCh. 12.4 - In Exercises 3 to 6, first verify that the...Ch. 12.4 - Prob. 4ESCh. 12.4 - In Exercises 3 to 6, first verify that the...Ch. 12.4 - Prob. 6ESCh. 12.4 - If P(A)=0.2,P(B)=0.5, and P(AandB)=0.1. find...Ch. 12.4 - Prob. 8ESCh. 12.4 - If P(A)=0.3,P(B)=0.8, and P(AorB)=0.9. Find...Ch. 12.4 - Prob. 10ESCh. 12.4 - In Exercises 11 to 14, suppose you ask a friend to...Ch. 12.4 - Prob. 12ESCh. 12.4 - In Exercises 11 to 14, suppose you ask a friend to...Ch. 12.4 - Prob. 14ESCh. 12.4 - In Exercises 15 to 20, two dice are rolled....Ch. 12.4 - Prob. 16ESCh. 12.4 - In Exercises 15 to 20, two dice are rolled....Ch. 12.4 - Prob. 18ESCh. 12.4 - In Exercises 15 to 20, two dice are rolled....Ch. 12.4 - In Exercises 15 to 20, two dice are rolled....Ch. 12.4 - In Exercises 21 to 26, a single card is drawn from...Ch. 12.4 - Prob. 22ESCh. 12.4 - In Exercises 2110 26. a single card is drawn from...Ch. 12.4 - Prob. 24ESCh. 12.4 - In Exercises 2110 26. a single card is drawn from...Ch. 12.4 - Prob. 26ESCh. 12.4 - Employment In Exercises 27 to 30, use the data in...Ch. 12.4 - Employment In Exercises 27 to 30, use the data in...Ch. 12.4 - Employment In Exercises 27 to 30, use the data in...Ch. 12.4 - Prob. 30ESCh. 12.4 - Contests If the probability of winning a...Ch. 12.4 - Prob. 32ESCh. 12.4 - Professional Sports The National Collegiate -...Ch. 12.4 - Prob. 34ESCh. 12.4 - Use the formula for the probability of the...Ch. 12.4 - Prob. 36ESCh. 12.4 - Use the formula for the probability of the...Ch. 12.4 - Prob. 38ESCh. 12.4 - Use the formula for the probability of the...Ch. 12.4 - Use the formula for the probability of the...Ch. 12.4 - Prob. 41ESCh. 12.4 - Prob. 42ESCh. 12.4 - Prob. 43ESCh. 12.4 - Prob. 44ESCh. 12.4 - Prob. 45ESCh. 12.4 - Prob. 46ESCh. 12.4 - Prob. 47ESCh. 12.4 - If a person draws 3 cards from a standard deck...Ch. 12.4 - Prob. 49ESCh. 12.4 - Prob. 50ESCh. 12.4 - Prob. 51ESCh. 12.4 - Coins A bag contains 44 U.S. quarters and 6...Ch. 12.4 - Prob. 53ESCh. 12.4 - Prob. 54ESCh. 12.4 - Door Codes A planned community has 300 homes, each...Ch. 12.4 - Monty Hall Problem When someone is first presented...Ch. 12.4 - Prob. 57ESCh. 12.4 - Prob. 58ESCh. 12.5 - Prob. 1EECh. 12.5 - Prob. 2EECh. 12.5 - Prob. 3EECh. 12.5 - Prob. 4EECh. 12.5 - Prob. 1ESCh. 12.5 - Prob. 2ESCh. 12.5 - In Exercises 3 to 6, compute the conditional...Ch. 12.5 - Prob. 4ESCh. 12.5 - In Exercises 3 to 6, compute the conditional...Ch. 12.5 - In Exercises 3 to 6, compute the conditional...Ch. 12.5 - Employment In Exercises 7 to 10, use the data in...Ch. 12.5 - Employment In Exercises 7 to 10, use the data in...Ch. 12.5 - Employment In Exercises 7 to 10, use the data in...Ch. 12.5 - Prob. 10ESCh. 12.5 - Video Games In Exercises 11 to 14, use the data in...Ch. 12.5 - Video Games In Exercises 11 to 14, use the data in...Ch. 12.5 - Video Games In Exercises 11 to 14, use the data in...Ch. 12.5 - Prob. 14ESCh. 12.5 - A pair of dice is tossed. Find the probability...Ch. 12.5 - Prob. 16ESCh. 12.5 - A pair of dice is tossed. What is the probability...Ch. 12.5 - Prob. 18ESCh. 12.5 - What is the probability of drawing 2 cards in...Ch. 12.5 - Prob. 20ESCh. 12.5 - Two cards are drawn from a standard deck without...Ch. 12.5 - Prob. 22ESCh. 12.5 - Candy Colors In Exercises 23 to 26, a snack-size...Ch. 12.5 - Prob. 24ESCh. 12.5 - Candy Colors In Exercises 23 to 26, a snack-size...Ch. 12.5 - Prob. 26ESCh. 12.5 - In Exercises 27 to 30, 3 cards are dealt from a...Ch. 12.5 - Prob. 28ESCh. 12.5 - In Exercises 27 to 30, 3 cards are dealt from a...Ch. 12.5 - Prob. 30ESCh. 12.5 - Student Attendance In Exercises 31 to 34, the...Ch. 12.5 - Prob. 32ESCh. 12.5 - Student Attendance In Exercises 31 to 34, the...Ch. 12.5 - Student Attendance In Exercises 31 to 34, the...Ch. 12.5 - Prob. 35ESCh. 12.5 - Prob. 36ESCh. 12.5 - Prob. 37ESCh. 12.5 - Prob. 38ESCh. 12.5 - Prob. 39ESCh. 12.5 - Prob. 40ESCh. 12.5 - Prob. 41ESCh. 12.5 - In Exercises 39 to 44, a pair of dice is tossed...Ch. 12.5 - Prob. 43ESCh. 12.5 - Prob. 44ESCh. 12.5 - Prob. 45ESCh. 12.5 - Prob. 46ESCh. 12.5 - Prob. 47ESCh. 12.5 - Prob. 48ESCh. 12.5 - Prob. 49ESCh. 12.5 - In Exercises 4910 54, a card is drawn from a...Ch. 12.5 - Prob. 51ESCh. 12.5 - Prob. 52ESCh. 12.5 - Prob. 53ESCh. 12.5 - Prob. 54ESCh. 12.5 - A standard deck of playing cards is shuffled, and...Ch. 12.5 - Prob. 56ESCh. 12.5 - A hag contains 5 red marbles, 4 green marbles, and...Ch. 12.5 - Prob. 58ESCh. 12.5 - Prob. 59ESCh. 12.5 - Prob. 60ESCh. 12.5 - Prob. 61ESCh. 12.5 - Prob. 62ESCh. 12.5 - Monty Hall Problem This is another explanation,...Ch. 12.6 - Compute the probability that if a bet is placed on...Ch. 12.6 - Prob. 2EECh. 12.6 - Prob. 3EECh. 12.6 - Prob. 4EECh. 12.6 - Prob. 5EECh. 12.6 - Determine the expectation for wagering $1 on the...Ch. 12.6 - Prob. 7EECh. 12.6 - Prob. 8EECh. 12.6 - Prob. 1ESCh. 12.6 - The outcomes of an experiment and the probability...Ch. 12.6 - Roulette One of the wagers in the game of roulette...Ch. 12.6 - Roulette One of the wagers in roulette is to bet...Ch. 12.6 - Casino Games Many casinos have a game called the...Ch. 12.6 - Casino Games Many casinos have a game called the...Ch. 12.6 - Casino Games Many casinos have a game called the...Ch. 12.6 - Casino Games Many casinos have a game called the...Ch. 12.6 - Life Insurance Exercises 9 to 14 use data taken...Ch. 12.6 - Life Insurance Exercises 9 to 14 use data taken...Ch. 12.6 - Prob. 11ESCh. 12.6 - Prob. 12ESCh. 12.6 - Prob. 13ESCh. 12.6 - Prob. 14ESCh. 12.6 - Construction A construction company has been hired...Ch. 12.6 - Prob. 16ESCh. 12.6 - Design Consultant A consultant has been hired to...Ch. 12.6 - Prob. 18ESCh. 12.6 - If a pair of regular dice is tossed once, use the...Ch. 12.6 - Consider rolling a pair of unusual dice, for which...Ch. 12.6 - Prob. 21ESCh. 12.6 - Suppose you purchase a ticket for a prize and your...Ch. 12.6 - Prob. 23ESCh. 12.6 - Prob. 24ESCh. 12 - List the elements of the sample space for the...Ch. 12 - Prob. 2RECh. 12 - Prob. 3RECh. 12 - Prob. 4RECh. 12 - An athletic shoe store sells running shoes in 3...Ch. 12 - Prob. 6RECh. 12 - Prob. 7RECh. 12 - Prob. 8RECh. 12 - Prob. 9RECh. 12 - Prob. 10RECh. 12 - Prob. 11RECh. 12 - Prob. 12RECh. 12 - Prob. 13RECh. 12 - Prob. 14RECh. 12 - Prob. 15RECh. 12 - A matching test has 7 definitions that are to be...Ch. 12 - A matching test has 7 definitions to be matched...Ch. 12 - Prob. 18RECh. 12 - Twelve identical coins are tossed. How many...Ch. 12 - Work Shifts Three positions are open at a...Ch. 12 - A professor assigns 25 homework problems, of which...Ch. 12 - Prob. 22RECh. 12 - Quality Control A quality control inspector...Ch. 12 - Prob. 24RECh. 12 - 25. How many 5-card poker hands consist of 4 of a...Ch. 12 - Prob. 26RECh. 12 - Prob. 27RECh. 12 - Prob. 28RECh. 12 - Use the table below, which shows the number of...Ch. 12 - Use the table below, which shows the number of...Ch. 12 - Prob. 31RECh. 12 - Prob. 32RECh. 12 - Prob. 33RECh. 12 - Prob. 34RECh. 12 - Prob. 35RECh. 12 - Prob. 36RECh. 12 - Prob. 37RECh. 12 - Prob. 38RECh. 12 - Prob. 39RECh. 12 - Prob. 40RECh. 12 - Prob. 41RECh. 12 - Prob. 42RECh. 12 - Prob. 43RECh. 12 - Prob. 44RECh. 12 - Two cards are drawn, without replacement, from a...Ch. 12 - Prob. 46RECh. 12 - A box contains 24 different colored chips that are...Ch. 12 - Prob. 48RECh. 12 - A box contains 24 different colored chips that are...Ch. 12 - Prob. 50RECh. 12 - A box contains 24 different colored chips that are...Ch. 12 - Prob. 52RECh. 12 - Use the table below, which shows the number of...Ch. 12 - Use the table below, which shows the number of...Ch. 12 - Use the table below, which shows the number of...Ch. 12 - Prob. 56RECh. 12 - Prob. 57RECh. 12 - Prob. 58RECh. 12 - Prob. 59RECh. 12 - Prob. 60RECh. 12 - Prob. 61RECh. 12 - Prob. 62RECh. 12 - Prob. 63RECh. 12 - Prob. 64RECh. 12 - 1 will flip 2 coins. If both coins come up tails,...Ch. 12 - Raffle Tickets For a fundraiser, an elementary...Ch. 12 - Prob. 67RECh. 12 - Prob. 68RECh. 12 - Life Insurance The probability that a 19-year-old...Ch. 12 - Construction A construction company has bid on a...Ch. 12 - Prob. 1TCh. 12 - Computer Systems A computer system can be...Ch. 12 - Prob. 3TCh. 12 - Prob. 4TCh. 12 - Prob. 5TCh. 12 - Prob. 6TCh. 12 - Prob. 7TCh. 12 - Prob. 8TCh. 12 - Prob. 9TCh. 12 - Prob. 10TCh. 12 - Prob. 11TCh. 12 - Prob. 12TCh. 12 - Prob. 13TCh. 12 - Prob. 14T
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- Problem 3. Pricing a multi-stock option the Margrabe formula The purpose of this problem is to price a swap option in a 2-stock model, similarly as what we did in the example in the lectures. We consider a two-dimensional Brownian motion given by W₁ = (W(¹), W(2)) on a probability space (Q, F,P). Two stock prices are modeled by the following equations: dX = dY₁ = X₁ (rdt+ rdt+0₁dW!) (²)), Y₁ (rdt+dW+0zdW!"), with Xo xo and Yo =yo. This corresponds to the multi-stock model studied in class, but with notation (X+, Y₁) instead of (S(1), S(2)). Given the model above, the measure P is already the risk-neutral measure (Both stocks have rate of return r). We write σ = 0₁+0%. We consider a swap option, which gives you the right, at time T, to exchange one share of X for one share of Y. That is, the option has payoff F=(Yr-XT). (a) We first assume that r = 0 (for questions (a)-(f)). Write an explicit expression for the process Xt. Reminder before proceeding to question (b): Girsanov's theorem…arrow_forwardProblem 1. Multi-stock model We consider a 2-stock model similar to the one studied in class. Namely, we consider = S(1) S(2) = S(¹) exp (σ1B(1) + (M1 - 0/1 ) S(²) exp (02B(2) + (H₂- M2 where (B(¹) ) +20 and (B(2) ) +≥o are two Brownian motions, with t≥0 Cov (B(¹), B(2)) = p min{t, s}. " The purpose of this problem is to prove that there indeed exists a 2-dimensional Brownian motion (W+)+20 (W(1), W(2))+20 such that = S(1) S(2) = = S(¹) exp (011W(¹) + (μ₁ - 01/1) t) 롱) S(²) exp (021W (1) + 022W(2) + (112 - 03/01/12) t). where σ11, 21, 22 are constants to be determined (as functions of σ1, σ2, p). Hint: The constants will follow the formulas developed in the lectures. (a) To show existence of (Ŵ+), first write the expression for both W. (¹) and W (2) functions of (B(1), B(²)). as (b) Using the formulas obtained in (a), show that the process (WA) is actually a 2- dimensional standard Brownian motion (i.e. show that each component is normal, with mean 0, variance t, and that their…arrow_forwardRoedel Electronics produces tablet computer accessories, including integrated keyboard tablet stands that connect a keyboard to a tablet device and holds the device at a preferred angle for easy viewing and typing. Roedel produces two sizes of integrated keyboard tablet stands, small and large. Each size uses the same keyboard attachment, but the stand consists of two different pieces, a top flap and a vertical stand that differ by size. Thus, a completed integrated keyboard tablet stand consists of three subassemblies that are manufactured by Roedel: a keyboard, a top flap, and a vertical stand. Roedel's sales forecast indicates that 7,000 small integrated keyboard tablet stands and 5,000 large integrated keyboard tablet stands will be needed to satisfy demand during the upcoming Christmas season. Because only 500 hours of in-house manufacturing time are available, Roedel is considering purchasing some, or all, of the subassemblies from outside suppliers. If Roedel manufactures a…arrow_forward
- Show three different pairs of integers, a and b, where at least one example includes a negative integer. For each of your examples, determine if each of the following statements are true or falsearrow_forwardThe scores of 8 students on the midterm exam and final exam were as follows. Student Midterm Final Anderson 98 89 Bailey 88 74 Cruz 87 97 DeSana 85 79 Erickson 85 94 Francis 83 71 Gray 74 98 Harris 70 91 Find the value of the (Spearman's) rank correlation coefficient test statistic that would be used to test the claim of no correlation between midterm score and final exam score. Round your answer to 3 places after the decimal point, if necessary. Test statistic: rs =arrow_forward(a) Develop a model that minimizes semivariance for the Hauck Financial data given in the file HauckData with a required return of 10%. Assume that the five planning scenarios in the Hauck Financial rvices model are equally likely to occur. Hint: Modify model (8.10)-(8.19). Define a variable d, for each scenario and let d₂ > R - R¸ with d ≥ 0. Then make the objective function: Min Let FS = proportion of portfolio invested in the foreign stock mutual fund IB = proportion of portfolio invested in the intermediate-term bond fund LG = proportion of portfolio invested in the large-cap growth fund LV = proportion of portfolio invested in the large-cap value fund SG = proportion of portfolio invested in the small-cap growth fund SV = proportion of portfolio invested in the small-cap value fund R = the expected return of the portfolio R = the return of the portfolio in years. Min s.t. R₁ R₂ = R₁ R R5 = FS + IB + LG + LV + SG + SV = R₂ R d₁ =R- d₂z R- d₂ ZR- d₁R- d≥R- R = FS, IB, LG, LV, SG, SV…arrow_forward
- The Martin-Beck Company operates a plant in St. Louis with an annual capacity of 30,000 units. Product is shipped to regional distribution centers located in Boston, Atlanta, and Houston. Because of an anticipated increase in demand, Martin-Beck plans to increase capacity by constructing a new plant in one or more of the following cities: Detroit, Toledo, Denver, or Kansas. The following is a linear program used to determine which cities Martin-Beck should construct a plant in. Let y₁ = 1 if a plant is constructed in Detroit; 0 if not y₂ = 1 if a plant is constructed in Toledo; 0 if not y₂ = 1 if a plant is constructed in Denver; 0 if not y = 1 if a plant is constructed in Kansas City; 0 if not. The variables representing the amount shipped from each plant site to each distribution center are defined just as for a transportation problem. *,, = the units shipped in thousands from plant i to distribution center j i = 1 (Detroit), 2 (Toledo), 3 (Denver), 4 (Kansas City), 5 (St.Louis) and…arrow_forwardConsider the following mixed-integer linear program. Max 3x1 + 4x2 s.t. 4x1 + 7x2 ≤ 28 8x1 + 5x2 ≤ 40 x1, x2 ≥ and x1 integer (a) Graph the constraints for this problem. Indicate on your graph all feasible mixed-integer solutions. On the coordinate plane the horizontal axis is labeled x1 and the vertical axis is labeled x2. A region bounded by a series of connected line segments, and several horizontal lines are on the graph. The series of line segments connect the approximate points (0, 4), (3.889, 1.778), and (5, 0). The region is above the horizontal axis, to the right of the vertical axis, and below the line segments. At each integer value between 0 and 4 on the vertical axis, a horizontal line extends out from the vertical axis to the series of connect line segments. On the coordinate plane the horizontal axis is labeled x1 and the vertical axis is labeled x2. A region bounded by a series of connected line segments, and several…arrow_forwardConsider the nonlinear optimization model stated below. Min s.t. 2x²-18x + 2XY + y² - 14Y + 53 x + 4Y ≤ 8 (a) Find the minimum solution to this problem. |at (X, Y) = (b) If the right-hand side of the constraint is increased from 8 to 9, how much do you expect the objective function to change? Based on the dual value on the constraint X + 4Y ≤ 8, we expect the optimal objective function value to decrease by (c) Resolve the problem with a new right-hand side of the constraint of 9. How does the actual change compare with your estimate? If we resolve the problem with a new right-hand-side of 9 the new optimal objective function value is| , so the actual change is a decrease of rather than what we expected in part (b).arrow_forward
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