A $70000 oil detector is lowered under the sea to detect oil fields, and it becomes detached from the ship. If the instrument is not found within 36 hours, it will crack under the pressure of the sea. It is assumed that a SCUBA diver will find it with probability 0.93, but it costs $ 300 to hire each diver. a)How many SCUBA divers should be hired in order to maximize the expected gain? answer: (round to nearest integer) b)Using your answer to part a), what is the expected gain? answer: $
A $70000 oil detector is lowered under the sea to detect oil fields, and it becomes detached from the ship. If the instrument is not found within 36 hours, it will crack under the pressure of the sea. It is assumed that a SCUBA diver will find it with probability 0.93, but it costs $ 300 to hire each diver. a)How many SCUBA divers should be hired in order to maximize the expected gain? answer: (round to nearest integer) b)Using your answer to part a), what is the expected gain? answer: $
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.8: Probability
Problem 68E
Related questions
Question
A $70000 oil detector is lowered under the sea to detect oil fields,
and it becomes detached from the ship. If the instrument is not found within
36 hours, it will crack under the pressure of the sea. It is assumed that a
SCUBA diver will find it with probability 0.93, but it costs $ 300 to
hire each diver.
a)How many SCUBA divers should be hired in order to maximize the expected gain?
answer: (round to nearest integer)
b)Using your answer to part a), what is the expected gain?
answer: $
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