Question
1. Phil Dunphy, a real estate agent, is considering whether he should list an unusual $359,376 house for sale. If he lists it, he will
1. Phil Dunphy, a real estate agent, is considering whether he should list an unusual $359,376 house for sale. If he lists it, he will need to spend $5,603 in advertising, staging, and fresh cookies. The current owner has given Phil 6 months to sell the house. If he sells it, he will receive a commission of $24,180. If he is unable to sell the house, he will lose the listing and his expenses. Phil estimates the probability of selling this house in 6 months to be 64%. What is the expected profit on this listing?
2. A new game is being introduced at the Hard Rock Cafe. A ball is spun around a wheel until it comes to rest in one of many spots. Whatever is listed in that spot will be the player's winnings. If the wheel has 5 spots labeled $1, 10 spots labeled $2, and 9 spots labeled $10, how much should a player expect to win on average?
Round to the nearest cent.
3. A raffle is being held to benefit the local animal shelter. They sell 705 tickets that do not win any prize, 9 tickets that win a free adoption (valued at $20), and one ticket that wins $151 worth of pet supplies and toys. If they are selling the tickets for $5 each, how much should the shelter expect to earn for each ticket sold?
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