Insurance: You purchase a $100,000 life insurance policy for a $300 premium each year. If the probability of living is 0.999, find the expected value for the insurance company. Explain what the expected value means.

Q: A card is selected at random from a standard 52-card deck. (a) What is the probability that it is an…

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Q: indy's service just started. Then what is the probability that Cindy's service will be nished before…

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Q: a) what is the probability that you will win  b) what are your expected earnings  c) what have you…

A: HERE GIVEN, You purchased a single ticket for $5 and there were  total 700 tickets sold. The top…

Q: baseball player has a lifetime batting average of 0.313. If, in a season, this player has 385 "at…

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Q: For an outdoor concert by the city​ orchestra, concert organizers estimate that 10,000 people will…

A: The number of people will attend his concert is 5,000.

Q: A construction company is planning to bid on a building contract. The bid costs the company ​$1800.…

A: Given that the probability that the bid is accepted is= 25So the probability that the bid is not…

Q: A local flower shop is selling $1 raffle tickets and is donating all proceeds to the children's…

A: The total income generate from the raffle tickets sold is $5500 Gifts are : 20 flower =$70…

Q: A 30-year-old man pays $230 for a one-year life insurance policy with coverage of $100,000. If the…

A: From the provided information, A 30-year-old man pays $230 for a one-year life insurance policy with…

Q: Rain As the author is creating this exercise, a weather reporter stated that there is a 20% chance…

A: Given that,There is a 20% chance of rain tomorrow.

Q: Find an example of a probability distribution in the news.  Why was this presented?  What decisions…

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Q: You buy a single raffle ticket for $10 for a chance to win a $500 jackpot. The raffle sells 200…

A: It is needed to give $10 to buy a ticket and once can win $500 as a jackpot.

Q: Chipper is practicing pitching a baseball.  He can hit the target an average of 65% of the time.…

A: We have given that  Success of probability p=65%=0.65 Number of trials  n=4 , x=3 We use binomial…

Q: a) Make a model of your choice b) What is the probability that Alexa wins at least one game? c) What…

A: According to the answering guidelines, we can answer only three subparts of a question and the rest…

Q: A company sells artwork using a website. Information about the number of people that visited the…

A: We know that probability of an event is Number of favourable outcomesTotal number of outcomes

Q: ccording to a recent survey the probability that a student has a provisional driving licence is…

A: Given,P(a student has a provisional driving licence)=0.277P(a student owns a car)=0.295P(a student…

Q: You have 10 children in preschool class. The probability of getting sick from a virus they have been…

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Q: Refer to the table to find the missing probability and then find the expected value. Outcome value,…

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Q: Describe what the expected value or mean of a probability distribution represents geometrically.

A: Geometric distribution P[X=x]=pqx           x=0,1,2,3.....…

Q: A gardener buys a package of seeds. Seventy-nine percent of seeds of this type germinate. The…

A: Probability: If a random experiment results in n mutually exclusive and equally likely outcomes; out…

Q: Which do you prefer in representing a probability of getting odd sum of a pair of dice is tossed

A: Here rolling pair of dice So Total possible outcomes = 6×6 =36 Probability  =(#Favorable outcomes)/…

Q: In Hawaii, the rate of motor vehicle theft is 520 thefts per 100,000 vehicles. A large parking…

A: Mean(λ)=520100000×568=2.9536

Q: d. What is the probability of receiving the Athletic scholarship given that you have been awarded…

A: From the given information, P(A)=0.19.

Q: an experimental drug has been shown to be 75% effective in eliminating symptoms of allergies in…

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Q: Seat Belt Use The Gallup Poll reported that 52% ofAmericans used a seat belt the last time they got…

A: Given :Seat Belt Use The Gallup Poll reported that 52% of Americans used a seat belt the last time…

Q: petermine the expected value of the lottery Expected value Would you pay $1 for a ticket?

A: The grand prize is $30.5 million 1 million=1,000,000 30.5 million=30.5*1000000=30500000 That is,…

Q: |Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages.…

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Q: Two coin are tossed. What is the probability of tossing “two heads or two tails”?

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Q: drawing a single cared from a standard deck of cards. What is the probability that you don't get a…

A: The number of cards n=52 The number of face cards x=40 The probability is computed using the…

Q: Insurance An insurance company insures a person’s antique coin collection worth $20,000 for an…

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Q: Insurance An insurance company insures a person's antique coin collection worth $20,088 for an…

A: Income of an insurance company is the an annual premium =300 antique coin collection value=$20000…

Q: Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages.…

A: Given problem is binomial distribution. p.m.f. of binomial distribution is given by,   P(X=x)=nCXpx…

Q: e average number of homes sold by the Acme Realty company is 2 homes per day. What is the…

A: Provided information is, the average number of homes sold by acme reality company is 2 homes per…

Q: You are picking candies out of a bag without looking. The contents of the bag are described in the…

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Q: A farmer is examining the amount of fungi per square cm of maize plant. The average number of fungi…

A: Average number of fungi per two square cm = 4 Therefore average number of fungi per square cm = 2 X…

Q: Find the expected value of gasoline sales on Monday.

A: Let X is a random variable values x1, x2 ... xn and their corresponding probabilities p1,p2...pn…

Q: Whitney wants to practice shooting for basketball.  Her mom will give her $20 if she makes 3 free…

A: If each trial has only two possible outcomes, that is, success and failure, the probabilities of…

Q: Find the expected value of the probability model.

A: Expected value of probability model E(x)=∑xiPxi

Q: A construction company is planning to bid on a building contract. The bid costs the company $1300.…

A: We first make a table using the given information Gained amount (xi) 68000-1300=66700 -1300…

Q: Hot hand A basketball player who ordinarily makesabout 55% of his free throw shots has made 4 in a…

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Q: Births If the sex of a child is independent of all otherbirths, is the probability of a woman giving…

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Q: Jason flips a coin and it lands on head.  He flips the coin again.  What is the probability that it…

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Q: Rob Sonja Jack Ang -shirt Mug T-shirt Mug T-shirt Mug T-shirt Mug Part A What is the probability…

A: First we will draw a complete Tree with possible probabilities Since it is a game of drawn , all the…

Q: Air Bag Safety   According to a study conducted by the a public health school, a child seated in the…

A: Let, define the events as follows: S=Not wearing seatbelts A= Airbag deployed Given, PA= 0.27

Q: Statistics show that on the average, that there are 106 boys born for every 100 girls born.  What is…

A: Given that there are 106 boys born for every 100 girls born. This means there are 106 boys in…

Q: Knowing that the first two balls are red, what is the probability that the third one is black? b. с.…

A: Probability is defined as a chance or how likely is an event is to happen. 0 means an impossible…

Q: You are picking marbles out of a bag without looking. The contents of the bag are described in the…

A: We have given that  There are four coloured marbles like black, yellow, purple and red.

Q: A construction company is planning to bid on a building contract. The bid costs the company $1100.…

A: The bid cost of the company $1100. The probability that the bid is accepted is 14. In case if a bid…

Q: Survey data indicate that 61% of customers at MegaHit video rental stores subscribe to premium movie…

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