A radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth $500 each. (a) Compute the expected value for this contest, assuming 10,000 people enter this contest. (b) What are the odds for winning the vacation package?

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A: Given: n =    4 p =   0.3

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A: (a) State the hypotheses.

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Q: expected value

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Q: Why is the expected value 50.50? When you've said it should be 100/2 in the explanation?

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Q: One thousand tickets are sold at $1 each for four prizes of $100, $50, $25, and $10. What is the…

A: Introduction: Denote the random variable X as the amount of win on purchasing one ticket, and p (x)…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Formula :  Expected value = ∑xP(x)

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: In statistics, the continuous variables are variables whose values can be given by an interval, they…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Consider the provided question, Probability that insured survives happens = 0.805 and, the insurance…

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Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

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Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: Mendelian Genetics When Mendel conducted his famous genetics experiments with peas, one sample of…

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Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A:

Q: A contractor is considering a sale that promises a profit of $26,000 with a probability of 0.7 or a…

A:

Q: An insurance policy sells for ​$1000. Based on past​ data, an average of 1 in 50 policyholders will…

A: an average of 1 in 50 policyholders will file a ​$10,000 ​claim, an average of 1 in 200…

Q: Find the expected value for a person that buys one ticket

A: Expected value = number of required/ number of total

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A: To calculate the expected value of the game.

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Q: An insurance policy sells for $720. Based on past data, an average of 1 in 70 policyholders will…

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Q: Consider the following table: Value of X Probability -3 0.2 -1 d 2 0.4 3 0.2 1. What is the value of…

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Q: What is the expected value of a single ticket in the raffle?

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Q: Calculate the expected value of x, the sum of the scores, when two dice are rolled.

A:

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: Introduction: The premium of 7,591 silver coins charged by the insurance company is the amount that…

Q: Brandybuck Insurance Company (BIC) is deciding whether to insure the lives of those leading a quest…

A: We make a table using the given information. Payment 0 49,518 Probability 95.5%=0.955…