Question

In: Statistics and Probability

A)A survey asks 224 people "What beverage do you drink in themorning?", and offers choices:...

A)A survey asks 224 people "What beverage do you drink in the morning?", and offers choices: • Coffee only • Tea only • Both tea and coffee • Neither tea nor coffee Suppose 76 report tea only, 52 report coffee only, and 68 report both. How many people drink tea in the morning? How many people drink coffee in the morning? How many people drink neither tea nor coffee?

B)A 40-year-old man in the U.S. has a 0.248% risk of dying during the next year . An insurance company charges $250 per year for a life-insurance policy that pays a $100,000 death benefit. What is the expected value for the person buying the insurance? Round your answer to the nearest dollar. Expected Value: $ for the year

C)The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $5. There is 1 winning ticket out of the 100 tickets sold. The winner gets a prize worth $88. Round your answers to the nearest cent. What is the expected value (to you) of one raffle ticket? $?

Solutions

Expert Solution

A)

Let people drink tea = A

people drink Coffee = B

Tea only = A -A∩B = 76

Coffee only = B - A∩B= 52

A∩B = 68

How many people drink tea in the morning?

= Tea only + Both = 76 + 68 = 144

How many people drink coffee in the morning?

= Coffee only + Both = 52 + 68 = 120

How many people drink neither tea nor coffee?

Total - tea only - coffee only - both = 224 -76 -52 - 68 = 28

B)

Expected value = 0.00248*100,000 - 250 = 248 - 250 = $- 2

negative denote loss

C)

Probability of winning = 1/100 =0.01

Expected value = 0.01 *88 - 5 = .88 - 5 = $-4.12

orchestra answered 2 years ago
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