{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T04:12:56-04:00", "answer_date": "2024-06-28 04:12:56", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4237127", "url": "\/study-help\/questions\/problem-1605-to-generate-leads-for-new-business-gustin-investment-4237127", "question_creation_date_js": "2024-06-28T04:12:56-04:00", "question_creation_date": "Jun 28, 2024 04:12 AM", "meta_title": "[Solved] Problem 16-05 To generate leads for new b | SolutionInn", "meta_description": "Answer of - Problem 16-05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars a | SolutionInn", "meta_keywords": "problem,16-05,generate,leads,new,business,gustin,investment,services,offers,free,financial", "question_title_h1": "Problem 16-05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars", "question_title": "Problem 16-05 To generate leads for new business, Gustin Investment Services offers", "question_title_for_js_snippet": "Problem 16 05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida Gustin conducts seminars for groups of 25 individuals Each seminar costs Gustin $3800, and the average first year commission for each new account opened is $5500 Gustin estimates that for each individual attending the seminar, there is a 0 01 probability that he she will open a new account a Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters Round your answers to the nearest dollar Profit (New Accounts Opened x $ b What type of random variable is the number of new accounts opened (Hint Review Appendix 16 1 for descriptions of various types of probability distributions ) The number of new accounts opened is a random variable with trials and probability of a success on a single trial, c Assume that the number of new accouts you get randomly is Simulation Trial New Accounts 0", "question_description": "

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\"image<\/div><\/div><\/div> Problem 16-05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3800, and the average first-year commission for each new account opened is $5500. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he\/she will open a new account. a. Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters. Round your answers to the nearest dollar. Profit = (New Accounts Opened x $ b. What type of random variable is the number of new accounts opened? (Hint: Review Appendix 16.1 for descriptions of various types of probability distributions.) The number of new accounts opened is a _random variable with trials and probability of a success on a single trial, c. Assume that the number of new accouts you get randomly is: Simulation Trial New Accounts 0", "transcribed_text": "", "related_book": { "title": "Probability And Statistics For Engineering And The Sciences", "isbn": "1305251806, 978-1305251809", "edition": "9th Edition", "authors": "Jay L. Devore", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1172.jpg", "uri": "\/textbooks\/probability-and-statistics-for-engineering-and-the-sciences-9th-edition-1172", "see_more_uri": "" }, "free_related_book": { "isbn": "1601983727", "uri": "\/textbooks\/modeling-the-term-structure-of-interest-rates-a-review-of-the-literature-in-finance-1st-edition-978-1601983725-260744", "name": "Modeling The Term Structure Of Interest Rates A Review Of The Literature In Finance", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:12:56", "see_more_questions_link": "\/study-help\/questions\/sciences-chemistry-2023-March-09", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/consider-the-following-population-data--a-calculate-the-245780", "description": "Consider the following population data: a. Calculate the range. b. Calculate MAD. c. Calculate the population variance. d. 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