a)You are considering a sales job that pays you on a commission basis or asalaried position that pays you RM50,000 per year. Historical data suggests thefollowing probability distribution for your commission income. Decide which jobhas the higher expected income.Commission Insurance Commission of Unit TrustAgentAgentProbability of OccurrenceRM15,000RM80,0000.15RM35,000RM38,0000.20RM48,000RM45,0000.35RM67,000RM15,0000.22RM80,000RM77,0000.18

Expected value is given by, E(X)= ΣXi*p(xi) Expected value for commission Insurance Agent, E(X1)=…

Answered: a) You are considering a sales job that…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Use the standard normal probability chart, included in this exam, to look up the following numbers and draw the graph for each one. a. - .0492 b. 1.6 c. 1.06 d. -5.2
USA Today reported that about 22% of all people in the United State are illiterate. Suppose you interview 18 people at random off a city street. Find the mean and standard deviation of this probability distribution.
Mean St. Dev. Distribution Males 23.5 in. 1.1 in. Normal Females 22.7 in. 1.0 in. Normal Use the data in the table for sitting adult males and females. These data are used often in the design of different seats, including aircraft seats, train seats, theater seats, and classroom seats. Find the probability that a female has a back-to-knee length between 22.0 in and 24.0 in Warning! This question is not multiple choice! You are to fill in the blank with the correct answer. Write your answer in the form 0.1234
es The Internal Revenue Service is studying the category of charitable contributions. A sample of 25 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 25 returns, five had charitable contributions of more than $1,000. Four of these returns are selected for a comprehensive audit. a. The hypergeometric distribution is appropriate because it is Osampling a small population without replacement. O sampling a small population with replacement. O sampling a large population without replacement. b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? (Round your answer to 4 decimal places.) Probability
Beef Consumption. According to Food Consumption, Prices, and Expenditures, published by the U.S. Department of Agriculture, the mean consumption of beef per person in 2011 was 57.5 lb. A sample of 40 people taken this year yielded the data, in pounds, on last year’s beef consumption given on the WeissStats site. Use the technology of your choice to do the following. a. Obtain a normal probability plot, a boxplot, a histogram, and a stem-and-leaf diagram of the data on beef consumptions. b. Decide, at the 5% significance level, whether last year’s mean beef consumption is less than the 2011 mean of 57.5 lb. Apply the onemean t-test. c. The sample data contain four potential outliers: 0, 0, 0, and 13. Remove those four observations, repeat the hypothesis test in part (b), and compare your result with that obtained in part (b). d. Assuming that the four potential outliers are not recording errors, comment on the advisability of removing them from the sample data before performing the…
A telemarketer calls individuals at home over the phone and ask them the likelihood that they will purchase a timeshare property over the next 12 months. This method of gathering data is known as direct observations O b. surveys O c. experiments O d. focus groups
Read the following prompt and complete 1.a, 1.b, 1.c
In 2015, the average hours per week spent by high school students in educational activities was 6.5. Calculate the probability that one selected student will spend more than 10 hours per week in educational activities. a. 0.0668 O b. 0.0339 O c. 0.9661 O d. 0.9332
In a standard deck of cards, what is the probability of drawing a face card? (Express your answer as a percentage or decimal)
Year 1 Discussion Questions 2. The following is the experience of Insurer A for the last three years: a. What is the frequency of losses in year 1? b. Calculate the probability of a loss in year 1. c. Calculate the mean losses per year for the collision claims and losses. d. Calculate the mean losses per exposure. e. Calculate the mean losses per claim.. f. What is the frequency of the losses? g. What is the severity of the losses? Number of Exposures 10,000 10,000 10,000 Number of Collision Claims 375 030 420 Collision Losses (5) 350,000 250,000 400,000
Select one method to filter conditional volatility. Present and interpret descriptive statistics of conditional volatility of (i) overnight returns, (ii) intraday returns, and (iii) total returns.
The following table shows the distribution of murders by type of weapon for murder cases in a particular country over the past 12 years. Complete parts (a) Handgun through (e). Weapon Probability 0.478 Rifle 0.023 Shotgun Unknown firearm Knives Hands, fists, etc. Other 0.034 0.145 0.135 0.056 0.129

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