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    Probability and expected value

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    1. Assume that two marbles are drawn without replacement from a box with 1 blue, 3 white, 2 green, and 2 red marbles. Find the probability that the second marble is blue, given that the first marble is blue.

    2. There are 10 members on a board of directors. If they must elect a chairperson, a secretary, and a treasurer, how many different slates of candidates are possible?

    3. An insurance company has written 81 policies of $50,000, 480 of $25,000, and 945 of $10,000 on people of age 20. If the probability that a person will die at age 20 is .001, how much can the company expect to pay during the year the policies were written?

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    Solution Preview

    1. The probability that the second marble is blue is equal to zero. If the marbles are drawn without replacement the only blue marble is taken on the first draw and no blue marbles remain leaving no chance of getting a blue marble ...

    Solution Summary

    This solution responds to three questions regarding probability and expected value.