1) Raymond is designing a t-shirt logo for his company. The t-shirt printing company offers 11 colors to choose from for the logo design. If any number of colors can be chosen, how many different color combinations are possible?

2) If the odds for an event E occurring are 2 : 7, find the probability of the event occurring and the probability of the event not occurring.

3) A 5 question multiple choice test has 3 answer choices for each problem. How many different ways can this be done?

4) In a game, you have a 1/50 probability of winning $113 and a 49/50 probability of losing $3. What is your expected winning?

5) Spiderman decides to play in a friendly, neighborhood poker game. He stands to win $100, $50, $10 if he comes in first, second, or third respectively, or lose $40 if he doesn't place in the top 3. His spider sense is correctly telling him he has a 10%, 20%, and 30% chance of placing first, second, or third. What are his expected winnings?

6) What is a premium in an insurance policy?

7) If an insurance company has many costumers that purchase an insurance policy with a premium of $500 and 10% of the customers have claims averaging $200, 30% have claims averaging $1200 and the rest have no claims, what is the expected value of the policy to the insurance company.

8) A company makes electronic gadgets. One out of every 50 gadgets is faulty, but the company doesn't know which ones are faulty until a buyer complains. Suppose the company makes a $3 profit on the sale of any working gadget, but suffers a loss of $80 for every faulty gadget because they have to repair the unit. Find the company's long term expected profit for selling these items.