Question

In: Statistics and Probability

You ask a friend to do the laundry. There is a 10% chance that your friend...

You ask a friend to do the laundry. There is a 10% chance that your friend will forget to do the laundry. If he does the laundry, there is a 10% chance that the washing machine will lose it. If the washing machine doesn’t lose the laundry, there is a 10% chance that it will be folded by the wrong person. (a) What is the chance that the laundry is folded by the right person? (b) If the laundry isn't folded by the right person, what is the chance that your friend forgot to put it in the laundry machine?

Solutions

Expert Solution


Related Solutions

Your friend is having a tough time selecting laundry detergent. There appear to be hundreds of...
Your friend is having a tough time selecting laundry detergent. There appear to be hundreds of very similar options. Design a version the the ”take the best” heuristic that will help your friend select the best possible laundry detergent. Make whatever assumptions you believe are necessary and condition the decision on at least four variables. Your answer should be similar to the exposition of the heuristic in Gigerenzer & Goldstein’s 1996 paper Reasoning the Fast and Frugal Way: Models of...
Suppose you ask a friend to randomly choose an integer between 1 and 10, inclusive. What...
Suppose you ask a friend to randomly choose an integer between 1 and 10, inclusive. What is the probability that the number will be more than 5 or odd? (Enter your probability as a fraction.) Two dice are rolled. Determine the probability of the following. ("Doubles" means both dice show the same number.) rolling a 4 or doubles Use the data in the table below, which shows the employment status of individuals in a particular town by age group. Age...
a. Your friend is asking you for a loan of $1,000. You do not plan on...
a. Your friend is asking you for a loan of $1,000. You do not plan on charging your friend any interest. Is it better to lend him money when interest rates are at 1% or at 5%? b. You have $10,000 in your savings account, and your college tuition for the year will be $10,000. Interest rates are 10%. Does it matter if you choose to borrow $10,000 from the bank to pay for your tuition versus using all of...
Sensation and perception Touch and pain 1.Your friend has an accident and there is chance the...
Sensation and perception Touch and pain 1.Your friend has an accident and there is chance the injury might cause pain over a prolonged period. How would you support your friend? What would you say and do to ease the pain, and why do you think it would work? 2.vestibular system If a person sustains loss of the vestibular receptors in one ear due to disease or trauma, what symptoms would the person suffer? Would the sysmptoms be permanrnt?
Your friend Nigel is a management graduate and therefore has little chance of finding a job...
Your friend Nigel is a management graduate and therefore has little chance of finding a job outside the fast-food industry. Luckily for him, Nigel's rich uncle has left him $20 million in his will. Having been a management student, Nigel partied while you studied. In fact, he took no courses in finance and thus knows nothing about investment. In a drunken stupor, late one Saturday night Nigel watched an interview with the Guru Jack ma. The Guru claims material wealth...
A friend proposes a unique game of chance to you. He swears the game is straightforward...
A friend proposes a unique game of chance to you. He swears the game is straightforward but you're not sure. He proposes, you flip a coin and then roll a dice and your payout is the amount showing on the dice. However if you flip heads, you roll a 6 sided dice, and if you flip tails, you roll a 10 sided dice. What is the expected payout from this game?
As a nutrition and food specialist, your friend approaches you and asks: “What do you think...
As a nutrition and food specialist, your friend approaches you and asks: “What do you think of GMO foods?” How would you respond? Discuss aspects related to GMO benefits and safety for humans and the environment.
Your friend is talking to you about one of their investments. Yesterday, your friend received a...
Your friend is talking to you about one of their investments. Yesterday, your friend received a cheque from the investment for $6,000. According to the company’s annual report and forecast, the company expects the amount of the cash flow to increase or grow at 15 percent for the next 5 years and then to grow at 2 percent forever. 1. If you require a 15% return on your investment, what is the value of this investment today? 2. If interest...
You bet your friend you can make 3 free throws. If you do it you get...
You bet your friend you can make 3 free throws. If you do it you get 10 dollars, if you don’t you lose 10 dollars. The probability that you make any given free throw is 60%. What is the expected value of this game? What is the probability that you make 6 out of 10 free throws?
You lend $400,000 to your friend for seven years. According to the agreement, your friend has...
You lend $400,000 to your friend for seven years. According to the agreement, your friend has to repay $89,000 annually for the first four years with a fixed interest rate of 15% compounded annually. Your friend tries to bargain for a 13% charged for the remaining periods. What should be the annual repayment for the last three years?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT