Concept explainers
Using the expected values obtained in the text and in the preceding odd-numbered exercises, determines a casino’s expected net income from a 24-hour period at a single roulette table if the casino’s total overhead for the table is $50 per hour and if customers place a total of
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Mathematics: A Practical Odyssey
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- A customer for a home insurance policy owns a $200,000 home. The probability is 0.1% that the home will be totally destroyed by fire, and the probability is 0.5% that the home will suffer a 50% loss due to fire. Ignoring all other partial losses, the insurance company is interested in determining what premium it should charge for a policy just to break even? Let ? = ?ℎ? ?????? ?? ???????????? ???? ?? ?ℎ? ????????. Calculate the premium that the insurance company should charge for a policy to break even. Hint: use the probability distribution table you made to find the sample space of the r.v. Xarrow_forwardCamila sets up a passcode on her smart phone, which allows only five-digit codes. She has heard that it's more secure if a digit is repeated in the passcode. A spy sneaks a look at Camila's smart phone and sees her fingerprints on the screen over four numbers. What is the probability the spy is able to unlock the smart phone on his first try? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.arrow_forwardA raffle offers one $800 prize, two $400 prizes and 6 $100 prizes. Two thousand tickets are sold at $50 each. Find the expectation if a person buys one ticket.arrow_forward
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