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Chapter 11: Problem 44
Suppose you are asked to list, in order of preference, the three best movies you have seen this year. If you saw 20 movies during the year, in how many ways can the three best be chosen and ranked?
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Evaluate each factorial expression. \(\frac{700 !}{699 !}\)
Nine cards numbered from 1 through 9 are placed into a box and two cards are selected without replacement. Find the probability that both numbers selected are odd, given that their sum is even.
Write an original problem that can be solved using the Fundamental Counting Principle. Then solve the problem.
Describe a situation in which a business can use expected value.
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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