Homework Help is Here – Start Your Trial Now!
Math
Statistics
Once a year employees at a company are given the opportunity to join one of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 9% of the employees elect to join plan A, 7% elect to join plan B, 20% elect to join plan C, and the remainder to not join any plan. (1) In the long run, what percentage of employees will elect to join plans A, B, and C? (2) On average, how many years will it take an employee to decide to join a plan? (1) % of employees will elect to join plan A. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan B. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan C. (Type an integer or decimal. Round to the nearest tenth.) (2) It will take years, on average, for an employee to decide join a plan. oreet integes

Once a year employees at a company are given the opportunity to join one of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 9% of the employees elect to join plan A, 7% elect to join plan B, 20% elect to join plan C, and the remainder to not join any plan. (1) In the long run, what percentage of employees will elect to join plans A, B, and C? (2) On average, how many years will it take an employee to decide to join a plan? (1) % of employees will elect to join plan A. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan B. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan C. (Type an integer or decimal. Round to the nearest tenth.) (2) It will take years, on average, for an employee to decide join a plan. oreet integes

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.6: Counting Principles
Problem 74E: Lottery Powerball is a lottery game that is operated by the Multi-State Lottery Association and is...
See similar textbooks
icon
Related questions
Question
Once a year employees at a company are given the opportunity to join one of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 9% of the employees elect to join plan A, 7% elect to join plan B, 20% elect to join plan C, and the remainder to not join any plan. (1) In the long run, what percentage of employees will elect to join plans A, B, and C? (2) On average, how many years will it take an employee to decide to join a plan? (1) % of employees will elect to join plan A. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan B. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan C. (Type an integer or decimal. Round to the nearest tenth.) (2) It will take (Round to the nearest integer.) years, on average, for an employee to decide to join a plan.
Transcribed Image Text:Once a year employees at a company are given the opportunity to join one of three pension plans, A, B, or C. Once an employee decides to join one of these plans, the employee cannot drop the plan or switch to another plan. Past records indicate that each year 9% of the employees elect to join plan A, 7% elect to join plan B, 20% elect to join plan C, and the remainder to not join any plan. (1) In the long run, what percentage of employees will elect to join plans A, B, and C? (2) On average, how many years will it take an employee to decide to join a plan? (1) % of employees will elect to join plan A. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan B. (Type an integer or decimal. Round to the nearest tenth.) % of employees will elect to join plan C. (Type an integer or decimal. Round to the nearest tenth.) (2) It will take (Round to the nearest integer.) years, on average, for an employee to decide to join a plan.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
SEE MORE TEXTBOOKS