Chapter 11: Problem 45
In a race in which six automobiles are entered and there are no ties, in how many ways can the first three finishers come in?
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Chapter 11: Problem 45
In a race in which six automobiles are entered and there are no ties, in how many ways can the first three finishers come in?
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You are taking a multiple-choice test that has five 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?
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 $$ \begin{array}{|c|c|} \hline \begin{array}{c} \text { Amount of Claim (to the } \\ \text { nearest } \mathbf{\$ 2 0 , 0 0 0 )} \end{array} & \text { Probability } \\ \hline \$ 0 & 0.70 \\ \hline \$ 20,000 & 0.20 \\ \hline \$ 40,000 & 0.06 \\ \hline \$ 60,000 & 0.02 \\ \hline \$ 80,000 & 0.01 \\ \hline \$ 100,000 & 0.01 \\ \hline \end{array} $$
How do insurance companies use expected value to determine what to charge for a policy?
Six performers are to present their comedy acts on a weekend evening at a comedy club. How many different ways are there to schedule their appearances?
License plates in a particular state display two letters followed by three numbers, such as AT- 887 or BB-013. How many different license plates can be manufactured for this state?
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