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I want correct answers with explanation... I'll upvote you... The company conducts free seminar in financial planning in its catchment area to acquire new business.
I want correct answers with explanation...
I'll upvote you...
The company conducts free seminar in financial planning in its catchment area to acquire new business. Attendance is by invitation only to small select high net-worth individuals. Each seminar costs Rs. 1,35,000, and the average first-year commission for each new account opened is Rs 50,000. Historical data collected over the past four years show that the number of new accounts opened at a seminar varies from no accounts opened to a maximum of six accounts opened according to the probability distribution given below. The company wants to check whether this initiative is worth it Number of New Accounts Opened 0 2 3 5 Probability 0.01 0.04 0.1 0.25 0.4 0.15 0.05 A. Using the following 5 random numbers and simulate the number of new accounts opened for 5 seminars 0.37, 0.92, 0.03, 0.40, and 0.72 B. Would you recommend they continue running the seminarsStep by Step Solution
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