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...

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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.
A booth at the school carnival prepared 30 grab bags offered for sale for $3.00 a bag. Ten bags contain merchandise worth $1.00. Eight bags contain merchandise worth $2.00, and twelve bags contain merchandise worth $3.00. You purchase one bag. What is your expected gain or loss?
An insurance company sells a $9,000, seven-year term life insurance policy to an individual for $560. Find the expected return for the company if the probability the individual will live for the next seven years is 0.96. (Round your answer to the nearest cent.)An insurance company sells a $9,000, seven-year term life insurance policy to an individual for $560. Find the expected return for the company if the probability the individual will live for the next seven years is 0.96. (Round your answer to the nearest cent.)
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?
Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been arossina over $850 per day about 55% of the business days it is open. Estimate the probability that the store will aross over $850 for the following. (Round your answers to three decimal places. (a) at least 3 out of 5 business davs (b) at least 6 out of 10 business days (c) fewer than 5 out of 10 business days (d) fewer than 6 out of the next 20 business days (e) more than 17 out of the next 20 business days
How are your grades? In a recent semester at a local university, 700 students enrolled in both Statistics I and Psychology I. Of these students, 88 got an A in statistics, 62 got an A in psychology, and 46 got an A in both statistics and psychology. Round the answers to four decimal places, as needed. (a) Find the probability that a randomly chosen student got an A in statistics or psychology or both. (b) Find the probability that a randomly chosen student did not get an A in statistics.
Charlie buys a one-year term home insurance policy for $p, that will pay $200,000 in the event of a major catastrophe and $35,000 in the event of a minor catastrophe. Charlie's home has a 0.2% chance of a major catastrophe and a 0.7% of a minor catastrophe during the one year term. What did the insurance company charge Charlie for this policy if the company expected to break even?
The college student senate is sponsoring a spring break Caribbean cruise raffle. The proceeds are to be donated to the Samaritan Center for the Homeless. A local travel agency donated the cruise, valued at $2000. The students sold 2374 raffle tickets at $5 per ticket. Kevin bought thirty-four tickets. What is the probability that Kevin will win the spring break cruise to the Caribbean? (Round your answer to five decimal places.)What is the probability that Kevin will not win the cruise? (Round your answer to five decimal places.) Expected earnings can be found by multiplying the value of the cruise by the probability that Kevin will win. What are Kevin's expected earnings? (Round your answer to two decimal places.)$ Is this more or less than the amount Kevin paid for the thirty-four tickets? How much did Kevin effectively contribute to the Samaritan Center for the Homeless? (Round your answer to two decimal places.)$
In gambling, the chances of winning are often written in terms of odds rather than probabilities. The odds of winning is the ratio of the number of successful outcomes to the number of unsuccessful outcomes. The odds of losing is the ratio of the number of unsuccessful outcomes to the number of successful outcomes. For example, if the number of successful outcomes is 2 and the number of unsuccessful outcomes is 3, the odds of winning are 2:3 (read "2 to 3") or 2 2 (Note: If the odds of winning are the probability of success is 3' 5.) 2 3 The odds of an event occurring are 3:1. Find (a) the probability that the event will occur and (b) the probability that the event will not occur.
At races, your horse, White Rum, has a probability of 1/20 of coming 1st, 1/10 of coming 2nd and a probability of ¼ in coming 3rd. First place pays $5,000 to the winner, second place $4,000 and third place $1,350. Hence, is it worth entering the race if it costs $1050?
Betty is offered a bet where she can win $100 dollars with a 1/4 chance and she would lose X with a 3/4 chance. She feels indifferent between taking the bet or not, and considers herself risk neutral, so X must be about. $25 O $33 O $80 O $66