Chapter 5: Problem 42
An ice cream shop offers 25 flavors of ice cream. How many ways are there to select 2 different flavors from these 25 flavors? How many permutations are possible?
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Chapter 5: Problem 42
An ice cream shop offers 25 flavors of ice cream. How many ways are there to select 2 different flavors from these 25 flavors? How many permutations are possible?
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GESCO Insurance Company charges a \(\$ 350\) premium per annum for a \(\$ 100,000\) life insurance policy for a 40 -year-old female. The probability that a 40 -year-old female will die within 1 year is \(.002 .\) a. Let \(x\) be a random variable that denotes the gain of the company for next year from.a \(\$ 100,000\) life insurance policy sold to a 40 -year-old female. Write the probability distribution of \(x\) b. Find the mean and standard deviation of the probability distribution of part a. Give a brief interpretation of the value of the mean.
An average of \(6.3\) robberies occur per day in a large city. a. Using the Poisson formula, find the probability that on a given day exactly 3 robberies will occur in this city. b. Using the appropriate probabilities table from Appendix \(C\), find the probability that on a given day the number of robberies that will occur in this city is i. at least 12 ii. at most 3 iii. 2 to \(\overline{6}\)
In a 2006 ABC News poll, \(37 \%\) of adult Americans stated that they encounter "rude and disrespectful behavior" often (Source: http://abcnews.go.com/images/Politics/1005alHowRude.pdf). Suppose that this result holds true for the current population of adult Americans. Suppose that two adult Americans are selected at random. Let \(x\) denote the number of adult Americans in these two who encounter "rude and disrespectful behavior" often. Construct the probability distribution table of \(x\). Draw a tree diagram for this problem.
Suppose the owner of a salvage company is considering raising a sunken ship. If successful, the venture will yield a net profit of \(\$ 10\) million. Otherwise, the owner will lose \(\$ 4\) million. Let \(p\) denote the probability of success for this venture. Assume the owner is willing to take the risk to go ahead with this project provided the expected net profit is at least \(\$ 500,000\). a. If \(p=.40\), find the expected net profit. Will the owner be willing to take the risk with this probability of success? b. What is the smallest value of \(p\) for which the owner will take the risk to undertake this project?
A veterinarian assigned to a racetrack has received a tip that one or more of the 12 horses in the third race have been doped. She has time to test only 3 horses. How many ways are there to randomly select 3 horses from these 12 horses? How many permutations are possible?
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