Question
1.The probability that a 26-year-old white male will live another year is .99867. What premium would an insurance company charge to break even on a
1.The probability that a 26-year-old white male will live another year is .99867. |
What premium would an insurance company charge to break even on a one-year $1 million term life insurance policy? |
Break even | $ |
2.
As a birthday gift, you are mailing a new personal digital assistant (PDA) to your cousin in Toledo. The PDA cost $456. There is a 5 percent chance it will be lost or damaged in the mail. Is it worth $4 to insure the mailing? |
No Yes
3.
In a major league baseball game, the average is 1.1 broken bat per game. |
(a) | Find the probability of no broken bats in a game. (Round your answer to 4 decimal places.) |
Probability |
(b) | Find the probability of at least 2 broken bats in a game. (Round your answer to 4 decimal places.) |
Probability |
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4. Historically, 12 percent of a mail-order firm's repeat charge-account customers have an incorrect current address in the firm's computer database. |
The number of customers out of 19 who have an incorrect address in the database is a binomial random variable with n = 19 and = 0.12. |
(a) | What is the probability that none of the next 19 repeat customers who call will have an incorrect address? (Round your answer to 4 decimal places.) |
Probability |
(b) | What is the probability that eight customer who call will have an incorrect address? (Round your answer to 4 decimal places.) |
Probability |
(c) | What is the probability that nine customers who call will have an incorrect address? (Round your answer to 4 decimal places.) |
Probability |
References eBook & Resources WorksheetSection Exercise 6-24 Part c
(d) | What is the probability that fewer than ten customers who call will have an incorrect address? (Round your answer to 4 decimal places.) |
Probability |
|
5.
J.D. Power and Associates says that 70 percent of car buyers now use the Internet for research and price comparisons. |
(a) | Find the probability that in a sample of 6 car buyers, all 6 will use the Internet. (Round your answer to 4 decimal places.) |
Probability |
(b) | Find the probability that in a sample of 6 car buyers, at least 3 will use the Internet. (Round your answer to 4 decimal places.) |
Probability |
(c) | Find the probability that in a sample of 6 car buyers, more than 2 will use the Internet. (Round your answer to 4 decimal places.) |
Probability |
(d) | Find the mean and standard deviation of the probability distribution. (Round your Mean value to 2 decimal places and Standard deviation to 4 decimal places.) |
Mean | ||||||||||||||||||||||||||||||||||||||
Standard deviation | ||||||||||||||||||||||||||||||||||||||
6.
7.
A medical laboratory receives 30 blood specimens to check for HIV. Ten actually contain HIV. A worker is accidentally exposed to five specimens.
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