# MAD_1100_Fall_11_HW_3 - total loss or no loss will occur...

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MAD 1100 Fall 11 Ref: 84698 Mr. Guillen Homework 3 Due on 10/13/11 Each problem is worth 6 points. 1) If two fair dice are rolled, find the probability of a "double" given that the sum is 11. 1) 2) If two cards are drawn without replacement from a deck, find the probability that the second card is an ace, given that the first card was an ace. 2) 3) If three cards are drawn without replacement from a deck, find the probability that the third card is a face card, given that the first card was a queen and the second card was a 5. 3) 4) An insurance company will insure a \$280,000 home for its total value for an annual premium of \$600. If the company spends \$30 per year to service such a policy, the probability of total loss for such a home in a given year is 0.001 and you assume either

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Unformatted text preview: total loss or no loss will occur, what is the companyʹs expected annual gain (or profit) on each such policy? 4) 5) A company estimates that it has a 50% chance of being successful in bidding on a \$70,000 contract. If it costs \$5000 in consultant fees to prepare the bid, what is the expected gain or loss for the company if it decides to bid on this contract? 5) ±²³ ´µ¶·¸¹º» ¼½³ ¶¾¹½»¹´ ¼²»± ¿²ºÀÁÂÃ ½Ä½²Å½ÆÅ¹ ½» ±»»ÇÈÉÉ¼¼¼Ê¼²ºÀÇ´ËÊ¶µ¸Ê ±¹ ·º¾¹Ì²³»¹¾¹´ Ä¹¾³²µº µË ¿²ºÀÁÂÃ ²³ Ëµ¾ ¹Ä½Å·½»²µº µ¾ ºµºÍ¶µ¸¸¹¾¶²½Å ·³¹ µºÅÎÊ ±²³ Ç½Ì¹ ¼²ÅÅ ºµ» Æ¹ ½´´¹´ ½Ë»¹¾ Ç·¾¶±½³²ºÌ ¿²ºÀÁÂÃÊ...
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## This note was uploaded on 12/04/2011 for the course MAD 1100 taught by Professor Guillien during the Fall '11 term at Miami Dade College, Miami.

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MAD_1100_Fall_11_HW_3 - total loss or no loss will occur...

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