Bob, the proprietor of Midland Lumber, believes that the odds in favor of a business deal going through are 9 to 5. What is the (subjective) probability that this deal will not materialize? (Round your answer to three decimal places.) P(not materialize) =

Bob, the proprietor of Midland Lumber, believes that the odds in favor of a business deal going through are 9 to 5. What is the (subjective) probability that this deal will not materialize? (Round your answer to three decimal places.) P(not materialize) =

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...

See similar textbooks

Related questions

Q: Olivia is contemplating buying a laser printer. The probability that she will buy a printer…

A: Given data is : Probability that she she will buy a printer manufactured by Epson PE=0.21…

Q: In a suppose business transaction, Juan is expected to gain P150,000 with probability of 0.70 or…

A: Given, In a business transaction, Juan gain P150,000 The probability of gain is p=0.70 Juan loss…

Q: The local team is competing for the league championship. The house odds Las Vegas gives them are (a)…

A: The odds in favor of event A is P(A)/(1 - P(A)).

Q: Kevin is at a charity fundraiser and has a chance of receiving a gift. The odds in favor of…

A: Hello! As you have posted 2 different questions, we are answering the first question. In case you…

Q: In a game of cards, your opponent offers to give P40 if you draw an ace and P20 if you draw a face…

A: Given, In a game of cards, Opponent offers, p40 if we get ace, P20 if we get faces, To pay P10 if we…

Q: Neighborhood Insurance sells fire insurance policies to local homeowners. The premium is $240, the…

A: As per our guidelines, we are supposed to answer only 3…

Q: How much profit should you make on a $14 bet if the payoff odds are

A: Let x be the profit. The profit is obtained by multiplying bet amount with payoffs odd. That is,…

Q: Please solve the question attached

A: To find the expected profit, we need to use the expected value formula shown below.…

Q: We are learning to use the formula: P(A or B)=P(A)+P(B)-P(A and B) Now, the question is: Using…

A: Given data in the question; A B C D Order Accurate 330 267…

Q: 2. Suppose you're on the Las Vegas strip, and an enthusiastic stranger approaches you asking if…

A: a. For a valid probability distribution, P(X=x) ≥ 0 and Σ P(X=x) = 1

Q: how much will he be spending on average in the long run?

A: Kyle wants to buy packs of gaming cards until he gets a certain card he wants, but he has only…

Q: A soccer fan is offered a bet of $15 against his $5 that the US will lose its first World Cup match.…

A: We have to find the subjective probability.

Q: You have 8 ruppees to gamble with your best friend, with capital of 5 Ruppees. The probability of…

Q: Your probability professor wants to replace the value 4 in the probability distribution in (a) to…

Q: a. The standard deviation is 2.4. Find and interpret the range. b. The quartiles are Q1-0, median=0,…

Q: What is your expcted value fora game where your probability of winning is 1/9 and your profit is 4…

Q: Marlon is going to roll a six-sided die, and if he rolls a 3, he gets $10. It costs him $2 to enter…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: Your neighbor has two children. You learn that one of them is a boy, what is the chance that the…

Q: Emily has $10000 to invest in Apple stock. In the next month, the stock has a 30% chance of gaining…

A: Total amount for investment = $10000.The probability distribution for the provided data is:

Q: You are bidding for an antique trombone in a sealed bid auction. All of your bids must be in…

A: The objective is to determine the number that represents the difference between the amount of…

Q: Tina plays college soccer. She makes a goal on 63 % of her attempts. On her next game she will…

A: From the provided information,

Q: a. What are the odds in favor of winning the 2014 Grey Cup? 5. Is their probability of winning the…

A: It is given that Odds against winning 2014 Grey Cup = 9 : 2

Q: win with 55% probability, your friend 30k. There is no draw. You decide to play a series of games.…

A: let the event of winning me E1 and the event of winning of my friend is E2 then P(E1) =55100= 0.55…

Q: A raffle offers one $800 prize, two $400 prizes and 6 $100 prizes. Two thousand tickets are sold at…

A: Given that total n=2000 tickets are sold. For each ticket the price is $50. A raffle one prize of…

Q: In gambling, the chances of winning are often written in terms of odds rather than probabilities.…

A: Answer:- Given , A card is picked at random from a standard deck of 52 playing cards. We know that,…

Q: Donald is watching an old game show rerun on television called Let’s Make a Deal in which the…

A: Given data Gag prize = $120 World trip = $8100 Probability of choosing a gag price = 0.75 x…

Q: A customer for a home insurance policy owns a $200,000 home. The probability is 0.1% that the home…

A: The amount of compensation paid to the customer is The probability that the home will be totally…

Q: Joan is playing a game. She is flipping a coin until a Head shows up. Her friend Susan has placed a…

A: Given datajoan is playing a gamep=0.5

Q: The Cyclones play Baylor on Tuesday. If the odds for the Cyclones winning are 7:2, what is the…

A: The odds for the Cyclones winning are 7:2

Q: The chance of winning Florida's Pick-6 Lotto game is 1 in approximately 23 million. Suppose you buy…

A: Random variables are of 2 types, discrete and continuous. A discrete random variable can only take…

Q: Your friend offers to place a bet with you. He will pay you$1if your favorite sports team wins the…

A: Let X be the random variable denoting the amount of money ($) you win or lose. And P(X) denotes the…

Q: At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a…

A: Given data is : At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of…

Q: David, the promoter of an outdoor concert, expects a net profit of $100,000, unless it rains, which…

A: Given information Probability of rain = 0.4 Probability of no rain = 1 – 0.4 = 0.6 Net profit in…

Q: the sales manager knows that 36% of his clients do not pay their debts in full. He supposes that he…

Q: The table below shows the probabilities of a person accumulating specific amounts of credit card…

A: $500 or more means $500-$999 and $1000 or moreP($500 or more)=P($500-$999 and $1000 or…

Question

Bob, the proprietor of Midland Lumber, believes that the odds in favor of a business deal going through are 9 to 5. What is the (subjective) probability that this deal will not materialize? (Round your answer to three decimal places.)

P(not materialize) =

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Carmen, a computer sales person, believes that the odds are 8 to 7 that she will clinch the sale of a network server to a certain company. What is the (subjective) probability that Carmen will make the sale? (Round your answer to three decimal places.) P(sale) =
Can u please solve this??
In a recent tennis championship, Player P and Player Q played in the finals. The prize money for the winner was £700,000 (pounds sterling), and the prize money for the runner-up was £250,000. Complete parts (a) and (b) below. (a) Find the expected winnings for Player Q if both players have an equal chance of winning. Player Q's expected winnings are £ . (Type an integer or a decimal.)
solve problem completely.
Victoria plays college soccer. She makes a goal 70% of the time she shoots. Victoria is going to attempt two goals in a row in the next game. A = the event Victoria is successful on her first attempt. P(A) = 0.7. B = the event Victoria is successful on her second attempt. P(B) = 0.7. Victoria tends to shoot in streaks. The probability that she makes the second goal given that she made the first goal is 0.8.a. What is the probability that she makes both goals? b. What is the probability that Victoria makes either the first goal or the second goal?
SportBet lists the odds against the Lakers winning their next game as 5:2. Joe bets $10 with SportBet that the Lakers will lose their next game. If the Lakers lose, how much money will Joe get (apart from receiving his $10 bet back)? (Answer: $4) BetsRUs lists the odds in favor of Ben and Jerry's going out of business as 5:3. Ever the gambler, Joe bets $10 with BetsRUs that Ben and Jerry's will go out of business. If Ben and Jerry's goes out of business, how much money will Joe get (apart from receiving his $10 bet back)? (Answer: $6) anc and
using the formula of binomial
??
An airline sells traveler's insurance for its flights. The airline determined that the probability that someone would need to file a claim is If the insurance costs $380 and the payout is $3,100, what is the expected net value 6100 for the airlime? Round final answer to the nearest penny. Number dollars
Solve the question please
Multiply probabilities? A traffic light at an intersection near Jamal's house is red 30 % of the time, green 10 % of the time, and yellow 60 % of the time. Jamal encounters this light in the morning on his way to work and again in the evening on his way home. Is the probability that the light is red both times equal to =×0.30.30.09 . Explain why or why not.
c) A manufacturer is considering the production of a new and better mousetrap. She estimates the probability that the new mousetrap is successful is ¾. If it is successful, it would generate profits of $174,000. The development costs of the mousetrap are $121,000. Should the manufacturer proceed with plans for the new mousetrap? Why or why not?