An investment can lead to a profit of $10,000, $5,000, $4,000, and $1,000, with respective probabilities of .4, .3, .2, and .05. In addition, there is a 3 percent chance of breaking even and a small chance of losing $10,000. Find the expected profit.
A car dealership has combined all popular options available in four packages. The first three packages have the same chance of being sold and the fourth package is twice as likely to be sold as any one of the other packages. If package 1, package 2, and package 4 contain a CD player, find the probability that a randomly selected car will be sold with a CD player. Now assume that five different customers have ordered cars independently, what is the probability that at least 3 CD players will be ordered?
Average occupancy rate at the Full Moon Motel is about 40 percent. It has 15 rooms. Assuming binomial distribution, find the probability that on any given day
a) Exactly 6 rooms will be occupied
b) At least 3 rooms will be occupied
c) No more than 9 rooms will be occupied
d) The motel will be full
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