The board of directors for Southern Alberta Insurance Company has 8 members. (a) If a committee...

The board of directors for Southern Alberta Insurance Company has 8 members.

(a) If a committee of 3 is formed by random selection, what is the probability that it consists of the 3 wealthiest members?

(b) If the board must elect a chairperson, vice-chairperson, and a secretary, how many different slates of candidates are possible?

If also, you could show your work, and help me understand why I would appreciate that too. Thank you!

Solutions

Expert Solution

here number of ways to pick 3 member from 8 =(8C3) =8!/(3!*5!) =56

number of ways to pick 3 from 3 wealthiest =(3C3) =3!/(3!*0!) =1

therefore probability that it consists of the 3 wealthiest members =1/56

number of ways =N(for chairperson 8 choices, for vice-chairperson remaining 7 for secretary remaining 6 choices )=8*7*6 =336

orchestra answered 1 year ago

Next > < Previous

Related Solutions

an audit committee must be comprised of "outside" members that sit on the board of directors,...

an audit committee must be comprised of "outside" members that sit on the board of directors, must be "financially literate" and have at least one "financial expert". With this in mind I want you to find a publicly traded company and review their audit committee. Pick whatever company you wish! Please report as your discussion topic the following: Company you selected (along with company url) Names of individuals on the audit committee Which member of the audit committee would you...

The SUNY board of directors has 8 members. i. If they need to select a Chairman,...

The SUNY board of directors has 8 members. i. If they need to select a Chairman, a Secretary and a Treasurer, how many different slate of officers can be created? ii.. If they need to select a 3 member subcommittee, how many different subcommittees can be formed? b. A man pays $400 for a 1 year life insurance with coverage of $200,000. Given his age, he has a .995 chance of living for at least another year. what is the...

There are 15 members on the board of directors for a Fortune 500 company. If they...

There are 15 members on the board of directors for a Fortune 500 company. If they must select a chairperson, a first vice chairperson, a second vice chairperson, and a secretary. (a) How many different ways the officers can be selected? Show work. (b) Please describe the method used and the reason why it is appropriate for answering the question. A researcher wants to conduct a clinical trial on a new medicine for a rare disease. She plans to randomly...

Members of the Board of Directors for a certain firm that has 12 seats on the...

Members of the Board of Directors for a certain firm that has 12 seats on the Board for which members are elected for six-year terms. The firm is currently using an election system that puts all members of the Board up for reelection every six years. An alternative is proposed by the CEO that will put only two Board members up for reelection every single year. He justifies this request by saying that reelecting entire board carries the risk that...

What is the role of the audit committee of the board of directors?

The board of directors for a particular company consists of 10 members, 6 of whom are...

The board of directors for a particular company consists of 10 members, 6 of whom are loyal to the current company president and 4 of whom want to fire the president. Suppose the chair of the board (who is a loyal supporter of the current president) suggests to randomly select 4 other board members to serve on a committee to decide the president’s fate. Find the probability for the first 3 questions and explain your answer for the fourth question....

the audit committee of board of directors of the oil field supply company engaged the audit...

the audit committee of board of directors of the oil field supply company engaged the audit firm of Martinez and James LLP to preform an audit of the company for years ended May 31 2016 and May 31 2017 the CPA firm completed the audit and issued a standard un modified report for a non public entity dated September 30 2017 Prepare the audit report

Why is an active board of directors audit committee important to an organization?

1. There are 9 members on a board of directors. If they must form a subcommittee...

1. There are 9 members on a board of directors. If they must form a subcommittee of 6 members, how many different subcommittees are possible? 60,480 720 84 531,441 2. A card is drawn at random from a well-shuffled deck of 52 cards. What is the probability of drawing a face card or a 5? 16 3. A pitching machine throws 70% strikes and 30% balls. Five pitches will be thrown by the machine. What is the probability the machine...

Describe the role and responsibilities of the audit committee of an organization’s board of directors? Find...

Describe the role and responsibilities of the audit committee of an organization’s board of directors? Find an example of an actual company’s audit committee charter and refer to this in your discussion of the audit committee’s duties.

Subjects