A company is considering drilling four oil wells .The probability of success foreach well is 0.40, independent of the result for any other well, the cost of eachwells is 200,000$ each well that is successful will be worth 600,000$.a) What is the probability that one or more wells will be successful?b) What is the expected number of successes?c) What is the expected gain?d) What will the gain if only one well is successful?

Answered: Image /qna-images/answer/095efbdd-02ba-4503-acb5-96a5f8288274.jpg

Answered: company is considering drilling four…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

A pharmacist receives a shipment of 20 bottles of a drug and has 4 of the bottles tested. If 4 of the 20 bottles are contaminated, what is the probability that more than 1 of the tested bottles is contaminated? Express your answer as a fraction or a decimal number rounded to four decimal places.
Suppose a math class contains 33 students. There are 23 females (five of whom speak Spanish) and 10 males (two of whom speak Spanish). Give all answers as decimals to at least two decimal places. 3. What percent of Spanish speaking students are male? 4. If someone does not speak Spanish what is the probability they are female?
Find the probability that either event A or B occurs if the chance of A occurring is 0.5,the chances of B occurring is 0.3, and events A and B are independent.
The probability of occurance of two two events A and B are 1/4 and 1/2 respectively. The probability of their simultaneous occurrance is 7/50. Find the probability that neither A nor B occurs.
The probability that a sales representative will make a sale is o.20. If the representative talk to six customers, Find the probability that he will make at least four sales.
Guadalupe buys a bag of cookies that contains 6 chocolate chip cookies, 9 peanut butter cookies, 9 sugar cookies and 7 oatmeal raisin cookies. What is the probability that Guadalupe randomly selects a sugar cookie from the bag, eats it, then randomly selects another sugar cookie? (Round your answer to 4 decimal places.)
A factory produces a particular electrical component. On average, the probability that a component will be faulty is 0.16, independently of each other. The company sells the electrical component in a box of 7. Calculate the probability of having at least 1 faulty components. (2 d.p.)
Money bills are frequently printed with defects. The probability that a bill's front side has a defect is 2 percent, the probability that a bill's back side has a defect is 4 percent, and the probability that a bill has defects on both sides is 1 percent. What is the probability that a bill will have a defect on the front, given that it has a defect on its back?
On the average the traffic pattern at an intersection is as follows: • Twice as many cars go through as the number of vans, bicycles and trucks combined. • Twice as many vans go through as the number of bicycles and trucks combined. • Half as many trucks go through as the number of bicycles. Calculate the probability that the next vehicle to go through is a truck or a car. (19/27)
The probability that a patient does not recover from a certain disease is 9%. Suppose 19 people are known to have contracted this disease. How many of the 19 patients on average can we expect to recover ?
A factory produces a particular electrical component. On average, the probability that a component will be faulty is 0.16, independently of each other. The company sells the electrical component in a box of 7. Calculate the probability of having at least 1 faulty components. (2 d.p.)
In order to attract customers, a grocery store started a "SAVE" game. Any person who collects all four letters of the word save gets a prize. A diligent Mrs. Reyes has three letters "s", "a" and "e" keeps going to the store until she gets the 4th letter "v". The probability that she gets the letter "v" on any visit is 0.002 and remains the same from visit to visit. Find the probability that she will not have to visit more than three times. a.0.006 b.0.004 c.0.003 d.0.007

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS