Problem 16-05 To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3300, and the average first-year commission for each new account opened is $5100. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Determine the equation for computing Gustin’s profit per seminar, given values of the relevant parameters. Round your answers to the nearest dollar. Profit = (New Accounts Opened × $ 5100 ) – $ 3300 What type of random variable is the number of new accounts opened

Answers

Answer 1

Answer:

1) The equation for computing Gustin's profit per seminar is given as follows;

The profit = (The number of Newly Opened Accounts) × Commission - Seminar cost

2) The number of new accounts is a continuous random variable

Step-by-step explanation:

1) The number of individuals that attend each of Gustin's seminar = 25 individuals

The cost of each seminar = $3,300

On average the commission on the first-year for each opened account = $5,100

The probability of opening an account by an attendee of each seminar = 0.01

The profit = Revenue - The cost of each seminar

The revenue = (The number of Newly Opened Accounts) × (Commission on each account)

∴ The revenue = (The number of Newly Opened Accounts) × $5100

Therefore, the equation for finding Gustin's profit per seminar is given as follows;

The profit = (The number of Newly Opened Accounts) × Commission - Seminar cost

The profit = (The number of Newly Opened Accounts) × $5100 - $3,300

The number of Newly Opened Accounts = (The number of attendee) × (The probability of an attendee opening an account)

The number of Newly Opened Accounts = 25 × 0.01 = 0.25

The number of Newly Opened Accounts = 0.25

The profit = 0.25 × $5100 - $3,300

The revenue = 0.25 × $5100 = $1,275

The profit = $1,275 - $5,100 = -$3,825 = ($3,825)

2) The number of Newly Opened Accounts = 0.25 which gives, that Gustin has to conduct 4 seminars to be sure of 1 new account, which represents a probabilistic variable which is the definition of a continuous random variable.

Therefore, the number of new accounts is a continuous random variable.


Related Questions

IS THIS A FUNCTION, AND WHY

Answers

Answer:

Yes, it is a function

Step-by-step explanation:

It is a function because for every y value there is a different x value. We can also use the vertical line test to see if there are two points on the same line.


What are the steps in solving word problems involving multiplication of simple
fractions with other operations?

Answers

Answer:

See explanation

Step-by-step explanation:

For every question that comes your way, the first step is to understand the question.

The next, is to convert the word problems into algebraic expressions.

Lastly, you solve the expression accordingly.

Take for instance.

Ade has half a dozen eggs. How many dozen does Ade have?

We understand that; half means ½ and a dozen means 12.

So, the expression is

½ * 12 = 6 eggs

suppose you want to buy software for your computer. One piece of software costs $20.75. Another costs $10.59 and a third costs $18.25.
Use mental math to find the total cost. Explain.
How much more is the first piece of software than the second? Use mental math to decide.

Answers

Answer:

The total cost is 49.59 the answer for the second question is 10.16

Step-by-step explanation:

Part A. self explanatory, i just added all of the pieces together and got 49.59.

Part B. I just solved the expression 20.75 - 10.59 and got 10.16.

whats the difference between irrational and rational numbers

Answers

Answer:

difference between irrational and rational numbers:

Rational numbers: They are numbers which can be expressed in the form of p/q and q is not equal to 0

Examples: 3=3/1 ,  0=0/1 , 17=17/1

Irrational Numbers:  They are numbers which cannot be expressed in the form of p/q where q is not equal to 0

Example: Root 2, 1. 1517825278235............... , 45.87812254.............

this is the major difference between irrational and rational numbers.

THERE ARE STILL MORE BUT THIS IS THE BASIC DIFFERENCE.

HELP ME PLEASE!!! this is a timed testttt

Answers

Answer:

1300

Step-by-step explanation:

add the S numbers than add the T number than there is your answer

AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH sombody help me:(

Answers

Answer:

Step-by-step explanation:

5.

a+2=b

b-5=c

c-3=d

d+4=e

e=2-5-3+4

e=-2 (a loss of 2 yards)

6.

-2+2.5=0.5

1÷2/3 blank 1

I have to figure out if it is < > =​

Answers

Answer:

>

Step-by-step explanation:

Step 1: Define

1÷2/3 ? 1

Step 2: Evaluate 1÷2/3

1÷2/3 = 1 · 3/2 = 3/2

3/2 = 1.5

Step 3: Find

1.5 ? 1

1.5 > 1

Identify the like term(s) in the following expression...
-11d-12z-5+9m+8d+2z
A) +8d and 11d, +2z and -12z
B) -11d and +8d, +2z and -12z
C) -11d and +8d, +2z and 12z
D) -11d and +8d, +2z and -12z, +9m

Answers

Answer:

If Im correct B). is the correct answer

B) -11d and +8d, +2z and -12z

What is the range of the relation
(3,3)
(0,2)
(0,-3)
(-1,-2)
(2,-3)
(2,-4)

Answers

Domain: {-3, 2, 0}
Range: {2, -4, 6, -5 -3}
Range-{2,-4, 6,-5,-3}

PLEASE HELP . Nicole has to spend $2,675 on monthly supplies for her hair salon. She charges
$25 from each customer for a haircut. How many haircuts would she need to do to
pay for the cost of her monthly supplies?

Answers

Answer:

107

Step-by-step explanation:

2675 ÷ 25 = 107

Answer:

107 haircuts

Step-by-step explanation:

25x [tex]\geq[/tex] 2,675

25x/25  [tex]\geq[/tex] 2,675/25

x [tex]\geq[/tex] 107

Solution to Y=3x-1
look at picture

Answers

Just plug in the first value for x and see if you get the second value!

The answer is (2,5)

5 = 3 x 2 - 1.

5 = 6 -1

5 = 5

Answer:

picture guide person

Step-by-step explanation:

picture, then guide, and then person ⇔∑ω

Solve.

–50=-10t
a.
–60
c.
–40
b.
5
d.
–5

Answers

Answer:

So the Correct Answer Is B.5    (T=5)

Step-by-step explanation:

Isolate the variable by dividing each side by factors that don't contain the variable.

T=5

Hope this helps!

Please mark Brainliest!

Answer:

−50=−10t

Answer:

t=5

Step-by-step explanation:

Steps-

switch sides- -10t = -50

divide both sides

-10t/-10 = -50/-10

Simplify

T=5

consider this polynomial equation
6(x-3)(x^2+4)(x+1)=0

the equation has ( A. 2 B.3 C.4) solutions. it's real solutions are x = (-2 -1 and 2 or. -1 and 3)​

Answers

Answer:

2 solutions

-1 and 3 is the real solutions

A sweater that costs $35.98 has a 25% markdown. What is the FINAL price of the sweater? Round to the nearest cent/hundredths place.

Answers

Answer:

$26.99

Step-by-step explanation:

25% of 35.98 is 8.995

Solve the equation x32 +10 =118
1. x =36
2. x = 6
3. x = 108
4. x = -3128

Answers

Answer:

none are correct. The correct answer is x= 3 3/8

Step-by-step explanation:

You have at most $24 to spend at a store. Shirts cost $9.50 each, and pants cost $16 each. Let s be numbers of shirts and p be numbers of pants. Write an inequality that represents the numbers of shirts and pants you can afford.

Answers

Answer:

[tex]9.5s \: + \: 16p \: = 24.[/tex]

Step-by-step explanation:

[tex]if \: the \: numbers \: of \: shirts \: is \: s.\\ if \: the \: numbers \: of pants \: is \: p. \\then \: the \: inequality \: that \: represents \: \\ the \: numbers \: of \: shirts \: and \: pants \: you \: can \: afford \: is : \\ 9.5s \: + \: 16p \: = 24.[/tex]

Answer:

9.5s + 16p = 24

Step-by-step explanation:

k12

The Batmobile broke down so Batman went to the car dealership to purchase a new car. Batman negotiated the price of his car to an even $40,000. If Batman pays 8% tax for his car, how much will he pay total with tax?

(Please also show work)

Answers

Answer:

$43,200

Step-by-step explanation:

40,000*0.08=3,200

40,000+3,200=43,200

Hope this helps!

can anybody help me please!!

Answers

Answer:

[tex]the \: equation \: of \: the \: statement \: is : \\ 5 {x}^{2} - 28x = 2500[/tex]

Help pls!!!!!!!!!!!!!!!

Answers

Answer:

(6,0) and (0,-12) straight line graph

Step-by-step explanation:

HELP PLS ASAP!! Use a calculator to find an approximate solution to the equation. Round any intermediate work and steps to three decimal places. Show all of your steps in solving the equation for full credit. (2 points)
7ln (x + 2.8) = 11.2

Answers

Answer:

x=e ​1.6−2.8

Step-by-step explanation:

Help Me Please This Was Due Saturday The 25th!

Answers

Answer:

the last box is 3

Step-by-step explanation:

Answer: 4

Step-by-step explanation: If you multiply 3/5 by 3/3, it will turn into 9/15. If you multiply -1/3 by 5/5, it will turn into -5/15. Since it is a negative, you will have to subtract. 9-5 is 4.

What is the unit rate for 64 books on 4 shelves

Answers

Answer:

the unit rate would be 16 books per shelves because 64/4 would equal 16:)

Step-by-step explanation:

I’m pretty sure it’s 16

A school has adopted a section of highway to keep clean.if 1/3 of the section is 3/4 mile long how long is the section?,please help me out​

Answers

Answer:

The answer is 5/12

Step-by-step explanation:

Answer:

Step-by-step explanation:

the answer is 5/12

2 1⁄4 × 1 1⁄2 × 5⁄3 =
please help me

Answers

The answer is:

5 5/8

I got this by multiplying 2 1/4 and 1 1/2 first and i got 3 3/8, then multiplied that number with 5/3

A right rectangular prism is packed with cubes of side length fraction 1 over 8 inch. If the prism is packed with 16 cubes along the length, 8 cubes along the width, and 6 cubes along the height, what is the volume of the prism?

Answers

Answer:

768

Step-by-step explanation:

16x8x6=768 because volume equals length times width times height ! :)

yall already know im stuck again will mark brainlyest

Answers

2) 14
3) 1
4) -2
5) -11
6) -14
7) 5
8) 29
9) 13
10) 16

There were 8 judges at a gymnastic competition. Kathleen received these scores for her performance on the uneven parallel bars: 8.2, 8.7, 8.8, 8.8, 8.9, 8.9, 8.9, 9.2 Mean = 8.8 Median = 8.85 Mode = 8.9 Which statistic reflects a typical score? Explain.

Answers

Answer:

It is the MEAN

Step-by-step explanation:

Mean, median and mode given in the question are all used to measure central tendency of a given data. From the sets of data given, and from the values of the mean, median and mode (8.8, 8.85 and 8.9 respectively) it can be summarized that these values points the center of the sets of data trying to estimate the average.

MEAN is the statistic that reflects a typical score because when we look at the data (8.2, 8.7, 8.8, 8.8, 8.9, 8.9, 8.9, 9.2), it easily gives us the average score. Since mean = addition of the data value / the number of the data, it gives us Kathleen average score since it takes all the  judges scores into consideration giving us the typical score. Unlike mode that only use most occured data meaning it doen't use all the data and as such may not show the true average of the scores. Also, mode is not consistent when it comes to small number of data especially if no score occur most or we have more than one mode. It is not median because of the small number of scores (data).

Which steps should be used to compare the fraction 2/9 and 5/8

Answers

Answer:

the last one

Step-by-step explanation:

You need make the same denominator

9 = 3*3

6 = 3*2

it follows that 3 *3 *2 is the simplest denominator

the fraction with the 6 needs to be multiplied by 3/3 and the one with 9 with 2/2

The weight of a honeybee is 1.2\cdot10^{-1}\text{ g}1.2⋅10 −1 g1, point, 2, dot, 10, start superscript, minus, 1, end superscript, start text, space, g, end text. The weight of the pollen collected by the bee on one trip is 6.0 \cdot 10^{-2} \text{ g}6.0⋅10 −2 g6, point, 0, dot, 10, start superscript, minus, 2, end superscript, start text, space, g, end text. What is the combined weight of the bee and the pollen? Express your answer in scientific notation.

Answers

Answer:

0.18 g

Step-by-step explanation:

Weight of honeybee = [tex]1.2\times 10^{-1}\ \text{g}[/tex]

Weight of pollen = [tex]6\times 10^{-2}\ \text{g}[/tex]

The above values can be written in the following ways

[tex]1.2\times 10^{-1}\ \text{g}=0.12\ \text{g}[/tex]

[tex]6\times 10^{-2}\ \text{g}=0.06\ \text{g}[/tex]

Weight mass = [tex]0.12+0.06=0.18\ \text{g}[/tex]

The combined weight of the honeybee and the pollen is 0.18 g.

Answer:

1.8 x 10^-1

Step-by-step explanation:

it would be 0.18 withought scientific notation.

Samantha just opened a new restaurant. She earned $550 on the first day and $750 on the third day that she was open for business. If Samantha's earnings continue to increase at the same rate, by how much are her earnings increasing each day? $________ per day Show your work. HINT: Find the slope.

Answers

Answer:

Step-by-step explanation:

If Samantha's earnings continue to increase at the same rate, this means that her earning is increasing arithmetically.

If she earned $550 in the first day, we can say the first term is $550

If she earned $750 on the third day, we can say the third term is $750

For us to know by how much her money is increasing, we need to find the common difference d formed by the sequence

550, x , 750

T1 = 550

T2 = x

T3 = 750

Common difference d = T2-T1 = T3-T2

x - 550 = 750 - x = d

Let's calculate the second term first i.e x

Since x - 550 = 750 - x = d

x - 550 = 750 - x

Collect like terms

x+x = 750+550

2x = 1300

x = 1300/2

x = 650

d = T2-T1

d = x - T1

d = 650-550

d = 100

Hence her money keeps increasing by $100 each day

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