Day traders typically buy and sell stocks (or other investment instruments)
during the trading day and sell all investments by the end of the day.
Exercises 57 and 58 are based on the following table, which shows the closing
prices on January 9, 2009, of 12 stocks selected by your broker, Prudence
Swift, as well as the change that day.$$\begin{array}{|l|c|c|}\hline \text {
Tech Stocks } & \text { Close } & \text { Change } \\\\\hline \text { AAPL
(Apple) } & \$ 90.58 & -2.12 \\\\\hline \text { MSFT (Microsoft) } & \$ 19.52
& -0.60 \\\\\hline \text { NOK (Nokia) } & \$ 15.21 & -0.16 \\\\\hline \text {
NT (Nortel) } & \$ 0.39 & 0.10 \\\\\hline \text { RIMM (Research in Motion) }
& \$ 47.99 & 1.49 \\\\\hline \text { S (Sprint Nextel) } & \$ 2.59 & 0.01
\\\\\hline \text { Non-Tech Stocks } & & \\\\\hline \text { DIS (Walt Disney)
} & \$ 22.31 & -0.59 \\\\\hline \text { DUK (Duke) } & \$ 15.27 & -0.14
\\\\\hline \text { ED (Con Ed) } & \$ 39.66 & 0.20 \\\\\hline \text { FE
(First Energy) } & \$ 48.90 & 1.14 \\\\\hline \text { MO (Altria Group) } & \$
15.48 & 0.38 \\\\\hline \text { NVS (Novarnis) } & \$ 48.16 & -1.46
\\\\\hline\end{array}$$
On the morning of January 9,2009 , Swift advised you to purchase a collection
of three tech stocks and two non-tech stocks, all chosen at random from those
listed in the table. You were to sell all the stocks at the end of the trading
day.
a. How many possible collections are possible?
b. You tend to have bad luck with stocks - they usually start going down the
moment you buy them. How many of the collections in part (a) consist entirely
of stocks that declined in value by the end of the day?
c. Using the answers to parts (a) and (b), what would you say your chances
were of choosing a collection consisting entirely of stocks that declined in
value by the end of the day?
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