Question 1: Part a) A game consists of drawing 1 card from a standard deck of...

Question 1:

Part a) A game consists of drawing 1 card from a standard deck of 52 cards. If you draw an Ace you win $50. If you draw a Jack, Queen, or King you win $20. If you draw a 10, 9 or 8 you win $15. If you draw anything lower than an 8, you don’t win anything. If it costs $10 to play, what is your expected value?

Part b) It costs $180/yr to buy insurance for your bike. The probability that your bike will be stolen in your neighborhood 13% each year. If your bike is stolen, your insurance company will pay $1,000 to replace your bike. Based on expected value, should you buy insurance? Show work and support your answer.

Part c) You are a school nurse and you order band-aides from a local company. The band-aides are packaged in boxes of 50. Quality control studies have shown that 3% of the band-aides are defective. As a nurse, what is the maximum number of band-aides you should plan on throwing out of each box? Round your answer to 2 decimal places.

Part d) A recent study found that 76% of public school teachers are female. Eight teachers are randomly selected. Find the probability that at least 7 of them are women. Round your answer to 4 decimal places.

Question

Part a) A recent survey found that 55% of young adults claim it’s easy to text while driving. You take a random sample of 5 young adults and ask if they feel it is easy to text and drive. Set up the table for the binomial distribution. Round your answers to 4 decimal places.

Part b) A family is planning on having 5 children. A baby food company told the family that they would award them $10,000 if they have exactly 1 boy, exactly 1 girl, all boys or all girls. In all other cases the baby food company would award them $2,000. What is the expected value for the family?

Please answer all parts to the question, I will give thumbs up to anyone who answers them right away.

Expert Solution

orchestra answered 2 years ago

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