Question
please please please review my question I need the exact answer to this question. I don't want a 95 % confidence interval. I have an
please please please review my question I need the exact answer to this question. I don't want a 95 % confidence interval. I have an upper limit and lower limit of this just need expected values for the settlement figure.
Question:
Determine the expected value of the amount that could be paid to Louis Matthew in a settlement. Use the 75% probability figure. Also, determine a maximum and minimum expected value for the settlement figure based on the confidence interval above. Be sure to include all of the damages Louis Matthew will be able to recover. How would you interpret your expected values?
The plaintiff (Louis Matthew) makes the following proposal:
-A payment of $800as reimbursement for the unnecessary expenditure to Mr. Isaac.
-A payment of $5,000to cover the cost of his time to reconstruct lost materials used in his job.
MY ANSWER:
95% confidence interval = Z 1.96 P=75%
***********************= (72%,78%)******************
50 % OF THE PAYMENT IS ACCEPTED SO: 800 *0.50 =400 AND 5000*0.50 =2500
400+2500= 2900ALSOTOTAL AMOUNTH IS2900
ACCORDING TO FORMULA ========== expected value =0.75* total amount
expected value =0.75* 2900
expected value=2175
I NEED JUST THIS PART WITH THESE 2 FORMULAS PLEASE ANSWER JUST THIS
the lower limit of expected value =0.72 * amount ???????????????????????????????????
the upper limit of expected value =0.78 * amount ??????????????????????????????????????
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