MATHEMATICS A PRACTICAL ODYSSEY W/ACCESS
8th Edition
ISBN: 9780357537343
Author: Johnson
Publisher: CENGAGE L
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Textbook Question
Chapter 3.5, Problem 25E
Erica has her savings in a bank account that pays
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Suppose an oil company is thinking of buying some land for $11,000,000. There is a 60% chance of economic growth and a 40% chance of recession. The probability of discovering oil is 46% when there is economic growth and 34% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 11%. If there is a recession and the company discovers oil, the value of the land will increase by 50%. If they do not discover oil, the land will decrease in value by 80%.
What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations.
Suppose an oil company is thinking of buying some land for $11,000,000. There is a 60% chance of economic growth and a
40% chance of recession. The probability of discovering oil is 46% when there is economic growth and 34% when there is a
recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not
discover oil, the value of the land will decrease by 11%. If there is a recession and the company discovers oil, the value of
the land will increase by 50%. If they do not discover oil, the land will decrease in value by 80%.
What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations.
Select the correct interpretation of the expected value.
O The expected value represents the mean investment value for a $11,000,000 land purchase. The oil company should
invest in the land because, on average, the investment is profitable.
O The expected value provides the total cost of…
A customer has approached a bank for a $50,000 one-year loan at 12% interest. If the bank does not approve the loan, the $50,000 will be invested in bonds that earn a 6% annual return. WIthout further information, the bank feels that there is a 4% chance that the customer will totally default on the loan. If the customer totally defaults, the bank loses $50,000. At a cost of $500, the bank can thoroughly investigate the customer's credit record and supply a favorable or unfavorable recommendation. Past experiences indicates that
p(favorable recommendations|customer does not default) =77/96
p(favorable recommendations|customer defaults)= 1/4
How can the bank maximize its expected profits? Find EVSI and EVPI.
Chapter 3 Solutions
MATHEMATICS A PRACTICAL ODYSSEY W/ACCESS
Ch. 3.1 - HANDS ON Exercises 18 can be done as homework...Ch. 3.1 - HANDS ON Exercises 18 can be done as homework...Ch. 3.1 - a. If you were to flip a pair of coins thirty...Ch. 3.1 - a. If you were to flip a single coin twenty times,...Ch. 3.1 - a. If you were to roll a single die twenty times,...Ch. 3.1 - a. If you were to roll a pair of dice thirty...Ch. 3.1 - a. If you were to deal twenty-six cards from a...Ch. 3.1 - a. If you were to deal twenty-six cards from a...Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - Prob. 10E
Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - Prob. 15ECh. 3.1 - Prob. 16ECh. 3.1 - Prob. 17ECh. 3.1 - Prob. 18ECh. 3.1 - Prob. 19ECh. 3.1 - Prob. 20ECh. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - In Exercises 9-24, use Figure 3.1 to find the...Ch. 3.1 - In exercises 9-24, use figure 3.1 to find the...Ch. 3.1 - Prob. 24ECh. 3.1 - How much must you bet on a single number to be...Ch. 3.1 - Prob. 26ECh. 3.1 - How much must you bet on a twelve-number column to...Ch. 3.1 - How much must you bet on a four-number square to...Ch. 3.1 - a. How many hearts are there in a deck of cards?...Ch. 3.1 - a. How many red cards are there in a deck of...Ch. 3.1 - Prob. 31ECh. 3.1 - a. How many black cards are there in a deck of...Ch. 3.1 - Prob. 33ECh. 3.1 - Prob. 34ECh. 3.1 - Prob. 35ECh. 3.1 - Prob. 36ECh. 3.1 - Prob. 37ECh. 3.1 - Who was Antoine Gombaud, and what was his role in...Ch. 3.1 - Who was Gerolamo Cardano, and what was his role in...Ch. 3.1 - Prob. 40ECh. 3.1 - Prob. 41ECh. 3.1 - Prob. 42ECh. 3.1 - Prob. 43ECh. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercises 1-14, use this information: A jar on...Ch. 3.2 - In Exercise 15-28, one card is drawn from a...Ch. 3.2 - In Exercises 1528, one card is drawn from a...Ch. 3.2 - In Exercises 1528, one card is drawn from a...Ch. 3.2 - In Exercises 1528, one card is drawn from a...Ch. 3.2 - Prob. 19ECh. 3.2 - In Exercises 1528, one card is drawn from a...Ch. 3.2 - In Exercises 1528, one card is drawn from a...Ch. 3.2 - In Exercises 15-28, one card is drawn from a well...Ch. 3.2 - In Exercises 1728, a find the probability and b...Ch. 3.2 - In Exercises 1728, a find the probability and b...Ch. 3.2 - In Exercises 15-28, one card is drawn from a well...Ch. 3.2 - In Exercises 15-28, one card is drawn from a well...Ch. 3.2 - In Exercises 1728, a find the probability and b...Ch. 3.2 - In Exercises 1728, a find the probability and b...Ch. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - Prob. 33ECh. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - In Exercises 2938, a find the probability and b...Ch. 3.2 - In Exercises 29-38, a find the probability and b...Ch. 3.2 - In Exercises 29-38, a find the probability and b...Ch. 3.2 - In Exercises 29-38, a find the probability and b...Ch. 3.2 - Use the information in figure 3.7 from the U.S....Ch. 3.2 - Use the information in Figure 3.8 from the U.S....Ch. 3.2 - The dartboard in Figure 3.9 is composed of circles...Ch. 3.2 - a. What is the probability of getting red on the...Ch. 3.2 - Amtracks Empire Service train starts in Albany,...Ch. 3.2 - Amtracks Downeaster train leaves Biddeford, Maine,...Ch. 3.2 - If p(E)=15, find o(E).Ch. 3.2 - If p(E)=89, find o(E).Ch. 3.2 - If o(E)=3:2, find p(E).Ch. 3.2 - Prob. 48ECh. 3.2 - Prob. 49ECh. 3.2 - In Exercises 50-52, find a the probability and b...Ch. 3.2 - In Exercise 50-52, find a probability and b the...Ch. 3.2 - In Exercise 50-52, find a probability and b the...Ch. 3.2 - In June 2009 sportsbook.com gave odds on who will...Ch. 3.2 - In June 2009, linesmaker.com gave odds on who...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. Of the...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. Of the causes...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. What is the...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. What is the...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. Of all of the...Ch. 3.2 - In Exercise 55-60, use Figure 3.11. Of all of the...Ch. 3.2 - 61. A family has two children. Using b to stand...Ch. 3.2 - 62. Two coins are tossed. Using ordered pairs,...Ch. 3.2 - 63. A family has three children. Using b to stand...Ch. 3.2 - 64. Three coins are tossed. Using ordered triples,...Ch. 3.2 - A couple plans on having two children. a. Find the...Ch. 3.2 - Prob. 66ECh. 3.2 - Prob. 67ECh. 3.2 - Three coins are tossed. Which is more likely: that...Ch. 3.2 - Prob. 69ECh. 3.2 - Mendel found that snapdragons have no color...Ch. 3.2 - If two pink snapdragons are crossed see Exercise...Ch. 3.2 - Prob. 72ECh. 3.2 - Prob. 73ECh. 3.2 - Prob. 74ECh. 3.2 - If a carrier-detection tests show that one...Ch. 3.2 - If carrier-detection tests show that both...Ch. 3.2 - If a parent started to exhibit the symptoms of...Ch. 3.2 - A prospective mother has two X chromosomes,...Ch. 3.2 - A prospective mother has two X chromosomes,...Ch. 3.2 - A prospective mother and a prospective father are...Ch. 3.2 - Prob. 81ECh. 3.2 - Prob. 82ECh. 3.2 - Prob. 83ECh. 3.2 - Prob. 84ECh. 3.2 - Prob. 85ECh. 3.2 - Prob. 86ECh. 3.2 - Prob. 87ECh. 3.2 - Prob. 88ECh. 3.2 - Prob. 89ECh. 3.2 - Compare and contrast probability and odds. Be sure...Ch. 3.2 - Prob. 91ECh. 3.2 - Prob. 92ECh. 3.2 - Prob. 93ECh. 3.2 - Prob. 94ECh. 3.2 - Prob. 95ECh. 3.2 - Prob. 96ECh. 3.2 - Prob. 97ECh. 3.2 - Prob. 98ECh. 3.2 - Exercises 97-101 can be done as homework problems...Ch. 3.2 - Exercises 97-101 can be done as homework problems...Ch. 3.2 - Prob. 101ECh. 3.2 - Prob. 102ECh. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 110, determine whether E and F are...Ch. 3.3 - In Exercise 1118, a card is dealt from a complete...Ch. 3.3 - In Exercise 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1118, a card is dealt from a complete...Ch. 3.3 - In Exercises 1926, use complements to find the...Ch. 3.3 - In Exercises 1926, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - In Exercises 19-26, use complements to find the...Ch. 3.3 - If o(E)=5:9, find o(E).Ch. 3.3 - If o(E)=1:6, find o(E).Ch. 3.3 - If p(E)=27, find o(E) and o(E).Ch. 3.3 - If p(E)=38, find o(E) and o(E).Ch. 3.3 - If o(E)=a:b, find o(E).Ch. 3.3 - If p(E)=ab, find o(E).Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3338, use Exercise 32 to find the...Ch. 3.3 - In Exercises 3942, use the following information:...Ch. 3.3 - In Exercises 3942, use the following information:...Ch. 3.3 - In Exercises 39-42, use the following information:...Ch. 3.3 - In Exercises3942, use the following information:...Ch. 3.3 - In Exercises4346, use the following information: A...Ch. 3.3 - In Exercises4346, use the following information: A...Ch. 3.3 - In Exercises4346, use the following information: A...Ch. 3.3 - In Exercises4346, use the following information: A...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 4754, find the probability that the...Ch. 3.3 - In Exercises 5558, use the following information:...Ch. 3.3 - In Exercises5558, use the following information:...Ch. 3.3 - Prob. 57ECh. 3.3 - In Exercises5558, use the following information:...Ch. 3.3 - Prob. 59ECh. 3.3 - Prob. 60ECh. 3.3 - In Exercise 59-62, use the following: the results...Ch. 3.3 - Prob. 62ECh. 3.3 - Fried Foods hosted a group of twenty-five...Ch. 3.3 - Ink Inc., a publishing firm, offers its 899...Ch. 3.3 - Prob. 65ECh. 3.3 - The Video Emporium rents DVDs and Blu-rays only....Ch. 3.3 - Prob. 67ECh. 3.3 - Prob. 68ECh. 3.3 - Prob. 69ECh. 3.3 - Use probability rules to find the probability that...Ch. 3.3 - Prob. 71ECh. 3.3 - Use probability rules to find the probability that...Ch. 3.3 - Mary is taking two courses, photography and...Ch. 3.3 - Alex is taking two courses; algebra and U.S....Ch. 3.3 - Of all the flashlights in a large shipment, 15...Ch. 3.3 - Of all the DVDs in a large shipment, 20 have a...Ch. 3.3 - Prob. 77ECh. 3.3 - Prob. 78ECh. 3.3 - Prob. 79ECh. 3.3 - Prob. 80ECh. 3.3 - Prob. 81ECh. 3.3 - Prob. 82ECh. 3.3 - Prob. 83ECh. 3.3 - Prob. 84ECh. 3.3 - Prob. 85ECh. 3.3 - Prob. 86ECh. 3.3 - Prob. 87ECh. 3.3 - Prob. 88ECh. 3.3 - Prob. 89ECh. 3.3 - Prob. 90ECh. 3.3 - Prob. 91ECh. 3.4 - A group of thirty people is selected at random....Ch. 3.4 - A group of sixty people is selected at random....Ch. 3.4 - How many people would you have to have in a group...Ch. 3.4 - How many people would you have to have in a group...Ch. 3.4 - In 1990. California switched from a 6/49 lottery...Ch. 3.4 - Find the probability of winning second prize-that...Ch. 3.4 - Currently, the most common multinumber game is the...Ch. 3.4 - Currently, the most common multinumber game is the...Ch. 3.4 - "Cash 5" is a 5/35 lottery. It is played in...Ch. 3.4 - The 6/44 lottery is played in Arizona, Connecticut...Ch. 3.4 - Games like "Mega Millions" are played in...Ch. 3.4 - "Hot Lotto" is played in Delaware, Idaho, Iowa...Ch. 3.4 - "Wild Card 2" is played in Idaho, Montana, North...Ch. 3.4 - "2 by 2" is played in Kansas. Nebraska, and North...Ch. 3.4 - 15. There is an amazing variety of multi-number...Ch. 3.4 - In Exercises 16-18, give a decimal answer as it...Ch. 3.4 - In Exercises 16-18, give a decimal answer as it...Ch. 3.4 - In Exercises 16-18, give a decimal answer as it...Ch. 3.4 - Pick three games are played in thirty-six states....Ch. 3.4 - If a pick three player see Exercise 19 opts for...Ch. 3.4 - a. Find the probability of being dealt five spades...Ch. 3.4 - a. Find the probability of being dealt an aces...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - You order twelve burritos to go from a Mexican...Ch. 3.4 - Two hundred people apply for two jobs. Sixty of...Ch. 3.4 - Two hundred people apply for three jobs. Sixty of...Ch. 3.4 - In Example 2, n(E)=1 because only one of the...Ch. 3.4 - Prob. 34ECh. 3.4 - Do you think a state lottery is a good thing for...Ch. 3.4 - Why are probabilities for most games of chance...Ch. 3.4 - Suppose a friend or relative of yours regularly...Ch. 3.4 - Prob. 38ECh. 3.4 - Prob. 39ECh. 3.4 - 40. What lottery games are available where you...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercise 1-10, a find the expected value of 1...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - In Exercises 110, (a) find the expected value of...Ch. 3.5 - Using the expected values obtained in the text and...Ch. 3.5 - Using the expected values obtained in the text and...Ch. 3.5 - On the basis of his previous experience, the...Ch. 3.5 - On the basis of his sale records, a salesman knows...Ch. 3.5 - Of all workers at a certain factory, the...Ch. 3.5 - Of all students at the University of Metropolis,...Ch. 3.5 - You have been asked to play a dice game. It works...Ch. 3.5 - You have been asked to play a dice game. It works...Ch. 3.5 - You are on a TV show. You have been asked to...Ch. 3.5 - You are on a TV show. You have been asked to...Ch. 3.5 - Show why the calculation at the top of page 191 is...Ch. 3.5 - The saleswoman in Example 2 has been offered a new...Ch. 3.5 - Maria just inherited 10,000. Her bank has a...Ch. 3.5 - Trang has saved 8,000. It is currently in a bank...Ch. 3.5 - Erica has her savings in a bank account that pays...Ch. 3.5 - Debra is buying prizes for a game at her schools...Ch. 3.5 - Few students manage to complete their schooling...Ch. 3.5 - a. Find the expected value of a 1 bet in six-spot...Ch. 3.5 - a. Find the expected value of a 1 bet in...Ch. 3.5 - a. Find the expected value of a 1 bet in nine-spot...Ch. 3.5 - Arizonas Cash 4 is a 4/26 lottery. It differs from...Ch. 3.5 - New Yorks Pick 10 is a 10/80 lottery. Its payouts...Ch. 3.5 - Arizona and New York have Pick 3 games New Yorks...Ch. 3.5 - Write a paragraph in which you compare the states...Ch. 3.5 - Trustworthy Insurance Co. estimates that a certain...Ch. 3.5 - Mr. and Mrs. Trump have applied to the Trustworthy...Ch. 3.5 - The Black Gold Oil Co. is considering drilling...Ch. 3.5 - If in Exercise 37, Jed Clampett rejected the use...Ch. 3.5 - A community youth group is having a raffle to...Ch. 3.5 - The Centerville High School PTA is having a raffle...Ch. 3.5 - Prob. 41ECh. 3.5 - Prob. 42ECh. 3.5 - Prob. 43ECh. 3.5 - One application of the "cover all the numbers"...Ch. 3.5 - The application of the "cover all the numbers"...Ch. 3.5 - Prob. 46ECh. 3.5 - Prob. 47ECh. 3.5 - Prob. 48ECh. 3.5 - Prob. 49ECh. 3.5 - Prob. 50ECh. 3.5 - Answer the following questions using complete...Ch. 3.6 - In Example 1, we wrote, the probability that a...Ch. 3.6 - In Example 1, we wrote, the probability that a...Ch. 3.6 - In Example 1, we wrote, the probability that a...Ch. 3.6 - In Example 1, we wrote, the probability that a...Ch. 3.6 - In Exercises 58, use Figure 3.46 a.Find p(BA)...Ch. 3.6 - In Exercises 58, use Figure 3.46 a.Find p(BA)...Ch. 3.6 - Prob. 7ECh. 3.6 - In Exercises 58, use Figure 3.46 a.Find p(BA)...Ch. 3.6 - Use the data in Figure 3.37 on page 201 to find...Ch. 3.6 - Use the data in Figure 3.37 on page 201 to find...Ch. 3.6 - In Exercises 1114, cards are dealt from a full...Ch. 3.6 - In Exercises 1114, cards are dealt from a full...Ch. 3.6 - Prob. 13ECh. 3.6 - In Exercises 1114, cards are dealt from a full...Ch. 3.6 - Prob. 15ECh. 3.6 - Prob. 16ECh. 3.6 - Prob. 17ECh. 3.6 - Prob. 18ECh. 3.6 - In Exercises 19-22, a pair of dice is rolled. Find...Ch. 3.6 - Prob. 20ECh. 3.6 - Prob. 21ECh. 3.6 - Prob. 22ECh. 3.6 - Prob. 23ECh. 3.6 - Prob. 24ECh. 3.6 - In Exercises 25 and 26. Use the following...Ch. 3.6 - In Exercises 25 and 26, use the following...Ch. 3.6 - Prob. 27ECh. 3.6 - Prob. 28ECh. 3.6 - Prob. 29ECh. 3.6 - Prob. 30ECh. 3.6 - If three cards are dealt from a full deck, use a...Ch. 3.6 - If three cards are dealt from a full deck, use a...Ch. 3.6 - If three cards are dealt from a full deck, use a...Ch. 3.6 - 34. If three cards are dealt from a full deck, use...Ch. 3.6 - If a pair of dice is rolled three times, use a...Ch. 3.6 - If a pair of dice is rolled three times, use a...Ch. 3.6 - In Exercises 37-40, use the following information:...Ch. 3.6 - In Exercises 37-40, use the following information:...Ch. 3.6 - In the Exercises 37-40, use the following...Ch. 3.6 - In the Exercises 37-40, use the following...Ch. 3.6 - The results of CNNs 2012 presidential election...Ch. 3.6 - Use the information in Figure 3.48 to answer the...Ch. 3.6 - The results of CNNs 2012 presidential election...Ch. 3.6 - Use the information in Figure 3.49 to answer the...Ch. 3.6 - Figure 3.50 gives the estimated number of...Ch. 3.6 - Figure 3.51 gives the estimated number of...Ch. 3.6 - In 2010. the Centers for Disease Control published...Ch. 3.6 - In 2012, the National Center for Health Statistics...Ch. 3.6 - In 1981 a study on race and the death penalty was...Ch. 3.6 - The information in Exercise 49 is rather dated....Ch. 3.6 - A man and a woman have a child. Both parents have...Ch. 3.6 - A man and a woman have a child. Both are Tay-Sachs...Ch. 3.6 - In Exercises 5356, use the following information....Ch. 3.6 - In Exercises 5356, use the following information....Ch. 3.6 - In Exercises 5356, use the following information....Ch. 3.6 - In Exercise 53-56, use the following information....Ch. 3.6 - In the game of blackjack, if the first two cards...Ch. 3.6 - Prob. 58ECh. 3.6 - Prob. 59ECh. 3.6 - Prob. 60ECh. 3.6 - Prob. 61ECh. 3.6 - Prob. 62ECh. 3.6 - Answer the following questions using complete...Ch. 3.6 - Compare and contrast the events A, A/B, B/A, and...Ch. 3.6 - Prob. 65ECh. 3.6 - There are many different blood type systems, but...Ch. 3.6 - Prob. 67ECh. 3.7 - In Exercises 1-8, use your own personal experience...Ch. 3.7 - In Exercises 1-8, use your own personal experience...Ch. 3.7 - Prob. 3ECh. 3.7 - Prob. 4ECh. 3.7 - Prob. 5ECh. 3.7 - Prob. 6ECh. 3.7 - Prob. 7ECh. 3.7 - Prob. 8ECh. 3.7 - In Exercise 9-10, use probabilities, rather that...Ch. 3.7 - Prob. 10ECh. 3.7 - Prob. 11ECh. 3.7 - Prob. 12ECh. 3.7 - Prob. 13ECh. 3.7 - A pair of dice is rolled once. a.Find the...Ch. 3.7 - Prob. 15ECh. 3.7 - A card is dealt from a full deck no jokers. a.Find...Ch. 3.7 - In Exercise 17 and 18, use the following...Ch. 3.7 - In Exercise 17 and 18, use the following...Ch. 3.7 - A personal computer manufacturer buys 38 of its...Ch. 3.7 - Prob. 20ECh. 3.7 - Prob. 21ECh. 3.7 - Prob. 22ECh. 3.7 - Prob. 23ECh. 3.7 - The Venn diagram in Figure 3.72 contains the...Ch. 3.7 - Prob. 25ECh. 3.7 - Prob. 26ECh. 3.7 - In Exercise 25-28, you may wish to use Exercise 66...Ch. 3.7 - Prob. 28ECh. 3.7 - Suppose that the space shuttle has three separate...Ch. 3.7 - Prob. 30ECh. 3.7 - Prob. 31ECh. 3.7 - Prob. 32ECh. 3.7 - Prob. 33ECh. 3.7 - Prob. 36ECh. 3.7 - Prob. 37ECh. 3.7 - It is estimated that one in twenty-five Americans...Ch. 3.7 - Prob. 39ECh. 3.7 - Ramon del Rosarios mothers father died of...Ch. 3.7 - Albinism is a recessive disorder that blocks the...Ch. 3.7 - Prob. 42ECh. 3.7 - Prob. 43ECh. 3.7 - Prob. 44ECh. 3.7 - Prob. 45ECh. 3.7 - The Eastwoods are going to have a child. She has...Ch. 3.7 - Prob. 47ECh. 3.7 - Prob. 48ECh. 3.7 - Prob. 49ECh. 3.7 - The Hills are going to have a child. She has...Ch. 3.7 - Recall from section 3.1 that Antoine Gombaud had...Ch. 3.7 - Prob. 52ECh. 3.7 - Prob. 53ECh. 3.7 - Prob. 54ECh. 3.7 - Prob. 55ECh. 3.7 - Prob. 56ECh. 3.7 - Prob. 57ECh. 3.7 - Prob. 58ECh. 3.CR - In Exercises 16, a card is drawn from a well...Ch. 3.CR - Prob. 2CRCh. 3.CR - Prob. 3CRCh. 3.CR - Prob. 4CRCh. 3.CR - Prob. 5CRCh. 3.CR - Prob. 6CRCh. 3.CR - Prob. 7CRCh. 3.CR - Prob. 8CRCh. 3.CR - Prob. 9CRCh. 3.CR - Prob. 10CRCh. 3.CR - Prob. 11CRCh. 3.CR - Prob. 12CRCh. 3.CR - Prob. 13CRCh. 3.CR - Prob. 14CRCh. 3.CR - Prob. 15CRCh. 3.CR - Prob. 16CRCh. 3.CR - Prob. 17CRCh. 3.CR - Prob. 18CRCh. 3.CR - Prob. 19CRCh. 3.CR - Prob. 20CRCh. 3.CR - Prob. 21CRCh. 3.CR - Prob. 22CRCh. 3.CR - In Exercises 19-24, three cards are dealt from a...Ch. 3.CR - Prob. 24CRCh. 3.CR - Prob. 25CRCh. 3.CR - Prob. 26CRCh. 3.CR - Prob. 27CRCh. 3.CR - Prob. 28CRCh. 3.CR - Prob. 29CRCh. 3.CR - Prob. 30CRCh. 3.CR - Prob. 31CRCh. 3.CR - Prob. 32CRCh. 3.CR - Prob. 33CRCh. 3.CR - Prob. 34CRCh. 3.CR - Prob. 35CRCh. 3.CR - Prob. 36CRCh. 3.CR - Prob. 37CRCh. 3.CR - In Exercises 36-38, use the following information:...Ch. 3.CR - Prob. 39CRCh. 3.CR - Prob. 40CRCh. 3.CR - Prob. 41CRCh. 3.CR - Prob. 42CRCh. 3.CR - Find the probability of being dealt a pair of tens...Ch. 3.CR - Find the probability of being dealt a pair of tens...Ch. 3.CR - In nine-spot keno, five winning spots breaks even,...Ch. 3.CR - Prob. 46CRCh. 3.CR - Prob. 47CRCh. 3.CR - Prob. 48CRCh. 3.CR - Prob. 49CRCh. 3.CR - Prob. 50CRCh. 3.CR - In Exercises 48-55, use the following information:...Ch. 3.CR - Prob. 52CRCh. 3.CR - Prob. 53CRCh. 3.CR - Prob. 54CRCh. 3.CR - Prob. 55CRCh. 3.CR - Prob. 56CRCh. 3.CR - Prob. 57CRCh. 3.CR - Prob. 58CRCh. 3.CR - Prob. 59CRCh. 3.CR - Prob. 60CRCh. 3.CR - Prob. 61CRCh. 3.CR - Prob. 62CRCh. 3.CR - In Exercises 61-66, use the following information:...Ch. 3.CR - Prob. 64CRCh. 3.CR - In Exercises 61-66, use the following information:...Ch. 3.CR - Prob. 66CRCh. 3.CR - Prob. 67CRCh. 3.CR - Prob. 68CRCh. 3.CR - Prob. 69CRCh. 3.CR - Prob. 70CRCh. 3.CR - Prob. 71CRCh. 3.CR - Prob. 72CRCh. 3.CR - Prob. 73CRCh. 3.CR - Prob. 74CRCh. 3.CR - Prob. 75CRCh. 3.CR - Prob. 76CRCh. 3.CR - Prob. 77CRCh. 3.CR - Prob. 78CRCh. 3.CR - Prob. 79CRCh. 3.CR - Give an example of a permutation and a similar...Ch. 3.CR - Prob. 81CRCh. 3.CR - Prob. 82CRCh. 3.CR - Prob. 83CRCh. 3.CR - Prob. 84CRCh. 3.CR - Prob. 85CRCh. 3.CR - Prob. 86CR
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- Gabrielle has purchased the 2-year extended warranty from a retailer to cover the value of hers new cellphone in case if it gets damaged or becomes inoperable for the price of $25. Gabrielle's cellphone is worth $1400 and the probability that it gets damaged or becomes inoperable during the length of the extended warranty is estimated to be 4%. Let XX be the retailer's profit from selling the extended warranty. Answer the following questions: 1. Create the probability distribution table for XX : XX outcome profit xx ,$ P(X=x)P(X=x) the cellphone gets damaged or becomes inoperable no claim filed 2. Use the probability distribution table to find the following: E[X]=μX=E[X]=μX= dollars. (Round the answer to 1 decimal place.) SD[X]=σX=SD[X]=σX= dollars. (Round the answer to 1 decimal place.)arrow_forwardAvicenna, an insurance company, offers five-year commercial property insurance policies to small businesses. If the holder of one of these policies experiences property damage in the next five years, the company must pay out $23,600 to the policy holder. Executives at Avicenna are considering offering these policies for $791 each. Suppose that for each holder of a policy there is a 3% chance they will experience property damage in the next five years and a 97% chance they will not. (If necessary, consult a list of formulas.) If the executives at Avicenna know that they will sell many of these policies, should they expect to make or lose money from offering them? How much? To answer, take into account the price of the policy and the expected value of the amount paid out to the holder. O Avicenna can expect to make money from offering these policies. In the long run, they should expect to make dollars on each policy sold. O Avicenna can expect to lose money from offering these policies.…arrow_forwardSuppose an oil company is thinking of buying some land for $10,000,000. There is a 60%60% chance of economic growth and a 40%40% chance of recession. The probability of discovering oil is 44%44% when there is economic growth and 32%32% when there is a recession. If there is economic growth and the oil company discovers oil, the value of the land will triple. If they do not discover oil, the value of the land will decrease by 10%.10%. If there is a recession and the company discovers oil, the value of the land will increase by 50%.50%. If they do not discover oil, the land will decrease in value by 75%.75%. What is the expected value of the investment? Give your answer to the nearest dollar. Avoid rounding within calculations. $$ Select the correct interpretation of the expected value. The expected value represents what the actual investment value will be for this land purchase of $10,000,000. The company should make the investment because the expected value…arrow_forward
- Avicenna, an insurance company, offers five-year commercial property insurance policies to small businesses. If the holder of one of these policies experiences property damage in the next five years, the company must pay out $26,500 to the policy holder. Executives at Avicenna are considering offering these policies for $497 each. Suppose that for each holder of a policy there is a 2% chance they will experience property damage in the next five years and a 98% chance they will not.(If necessary, consult a list of formulas.) If the executives at Avicenna know that they will sell many of these policies, should they expect to make or lose money from offering them? How much? To answer, take into account the price of the policy and the expected value of the amount paid out to the holder. Avicenna can expect to make money from offering these policies. In the long run, they should expect to makedollars on each policy sold. Avicenna can…arrow_forwardWhile the stock and bond markets can be risky in the short run, time has a moderating effect on market risk. The longer you hold a stock or bond investment, the lower your chances of losing money, and the greater the odds of earning a return close to the long-term average. For example, a one-year investment in stocks has historically produced returns ranging from +53.9% to -43.3%. Over ten-year periods, however, returns have varied from -0.9% per year for the worst ten years to +20.1% per year for the best ten years. Holding Period Best Return Worst Return 1 Year +53.9% -43.3% 5 Years +23.9% -12.5% 10 Years +20.1% -0.9% 15 Years +18.2% +0.6% 20 Years +16.9% +3.1% 25 Years +14.7% +5.9% As you can see, risk can be substantial over short periods. But over longer horizons, the chance of losing money is substantially reduced. The same principle applies to bonds, though bonds are less risky than stocks. For long-term bonds, it takes ten years before returns are consistently…arrow_forwardAn online retailer specializing in custom dog toys is considering launching brick-and-mortar stores in Upstate South Carolina. They have an opportunity to open a spot on Woodruff Road in Greenville, South Carolina next month at an upfront cost of $50,000. They believe this location has a 60% chance of success and a 40% chance of failure. If the location is successful, then it will bring the company a total of $350,000 in net profits over its lifetime. If the location is unsuccessful, then it will lose the company an additional $100,000. Complicating the Woodruff Road location decision is the fact that the company has identified an additional location in downtown Clemson. They do not need to decide on opening this additional location now; they need to decide in about 11 months whether to open it 12 months from now. The Clemson location has an upfront cost of $30,000. Without any additional information, the company believes it has a 70% of success and a 30% chance of failure. If…arrow_forward
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