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Chapter 11: Problem 26
Evaluate each factorial expression. \((6-3) !\)
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You are taking a multiple-choice test that has eight questions. Each of the questions has three answer choices, with one correct answer per question. If you select one of these three choices for each question and leave nothing blank, in how many ways can you answer the questions?
Involve computing expected values in games of chance. A game is played using one die. If the die is rolled and shows 1 , the player wins \(\$ 1\); if 2 , the player wins \(\$ 2\); if 3 , the player wins \(\$ 3\). If the die shows 4,5 , or 6 , the player wins nothing. If there is a charge of \(\$ 1.25\) to play the game, what is the game's expected value? What does this value mean?
Evaluate each factorial expression. \(\frac{12 !}{10 !}\)
Make Sense? Determine whether each statement makes sense or does not make sense, and explain your reasoning. My expected value in a state lottery game is \(\$ 7.50\).
The tables in Exercises 3-4 show claims and their probabilities for an insurance company. a. Calculate the expected value and describe what this means in practical terms. b. How much should the company charge as an average premium so that it breaks even on its claim costs? c. How much should the company charge to make a profit of \(\$ 50\) per policy? PROBABILITIES FOR MEDICAL INSURANCE CLAIMS $$ \begin{array}{|c|c|} \hline \begin{array}{c} \text { Amount of Claim (to the } \\ \text { nearest } \mathbf{\$ 2 0 , 0 0 0 )} \end{array} & \text { Probability } \\ \hline \$ 0 & 0.70 \\ \hline \$ 20,000 & 0.20 \\ \hline \$ 40,000 & 0.06 \\ \hline \$ 60,000 & 0.02 \\ \hline \$ 80,000 & 0.01 \\ \hline \$ 100,000 & 0.01 \\ \hline \end{array} $$
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