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

MATH EXPERTS OUT THERE I NEED YOUR ASSITANCE!!!!PLEASE SHOW YOUR WORK ITS DUE RIGHT NOW!!!
1. The county fair charges $1.25 per ticket for the rides. Jermaine bought 25 tickets for the rides and spent a total of $43.75 at the fair. Jermaine spent his money only on ride tickets and fair admission. The price of the fair admission is the same for everyone. Use y to represent the total cost and x to represent the number of ride tickets.
(a) Define your variables.
(b) Write a linear equation that can be used to determine the cost for anyone who only pays for ride tickets and fair admission.
(c) Explain your answer to Part 1b.
.
.A line goes through the points, (8,9) and (-2,4).
What is the slope of the line? Show your work.
Write the equation of the line in point-slope form. Show your work.
Write the equation of the line in slope-intercept form. Show your work.
.
.
Line A is represented by the equation, y=1/4 x+5.
Write in slope-intercept form the equation of a line that is parallel to Line A and passes through the point, (8,-2). Show your work.
Write in slope-intercept form the equation of a line that is perpendicular to Line A and passes through the point, (4," 1"). Show your work.
Answer:

Answers

a) x = 25 tickets

   y = 43.75 - Total cost

   a = admission cost

b/c) 1.25(25)+a=43.75

   31.25+a=43.75

   43.75-31.25=12.50 cost of admission

   12.50+31.25=43.75 total cost at the country fair.

(8,9) and (-2,4)

equation would be y = 1/2x+5

(do the work its a lot there can be videos found online)

nfadkjnbvjkn I'm busy i hope this helped

La galaxia de Andrómeda tiene un
diámetro de 100 000 años luz y está
situada a unos 2 000 000 de años
luz de la Tierra. Expresa el diámetro
y la distancia en kilómetros.
(Sabiendo que: un año luz equivale
aproximadamente 9,4608 x 1012 km).

Answers

Answer:

25.7

Step-by-step explanation:

PLEASE ANSWER QUICK WILL MARK BRAINLIEST

Answers

Answer:

1) A = 80

2) A = 30

Step-by-step explanation:

1) x+50 + 80 + x + 70 = 180

2x+120 = 180

2x = 60

x=30

A = (30) + 50

A = 80

2) x+40 + x+90 + (180-110) = 180

x+40 + x+90 + 70 = 180

2x + 200 = 180

2x = -20

x = -10

A = (-10) + 40

A = 30

To boil rice, start by combining water and rice in a pot at a ratio of 3:1. How many cups of water are need for a batch that uses eight cups of rice?​

Answers

Answer:

Step-by-step explanation:

To boil rice you use the following ratio

Water : Rice

3 : 1

? : 8

Basically what the ratio 3:1 means is that for every 3 cups of water, you need 1 cup if rice.

6 cups of water, you need 2 cups of rice (6:2)

9 cups of water, 3 cups of rice (9:3)

Etc.

All you would have to do is multiply 3 by 8 to find out how much water she needs for 3 cups of rice :)

Answer:

ok the ratio of water to Rice is 3:1 meaning water is 3 rice is one and your child that we have 8 cups of rice so really quite the ratio of rice to the number of cups of rice so it will be if one is equals to 8 what about 3 that is the ratio that represents water so we'll cross multiply so that you have 3 * 8/1 and the answer is 24 so the number of cups of water needed is 24

What is the slope of a line perpendicular to the line whose equation is
2x+12y=−192. Fully reduce your answer.

Answers

Answer:
Mperpendicular=6
Pls mark me brainliest

The slope of a line would be -6 which is perpendicular to the line whose equation is 2x+12y=−192.

What is the slope of the line?

The slope of a line is defined as the angle of the line. It is denoted by m

Slope m = (y₂ - y₁)/(x₂ -x₁ )

We have to determine the slope of a line perpendicular to the line whose equation 2x + 12y = −192.

First, we have to find the slope of the given line

The equation of the line which is given as

2x + 12y = −192

12y = −192 - 2x

Divided by 12 both sides of the above equation to get the slope-intercept form

y = - (1/6)x - 16

Here the slope of the line (m) = -1/6

So the slope of the line perpendicular to the line will be: 1/m = 1/(-1/6) = - 6.

Learn more about the Lines here:

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Old Man Withers just died. He left his collection of baseball cards to his two sons. Bill got 55% of the collection and his brother Bob received the rest.

How many cards did Bill receive if Bob received
360 cards, then how many cards did Bill as inheritance from his father?

Answers

Answer:

Step-by-step explanation:

Bill = 55% of the entire collection

Bob = 45% of the entire collection (Since we know 100 - 55 = 45)

We are also told that Bob received 360 cards.

This means that 45% = 360 cards.

First step is to find how many cards is 1%. To do this, divide 360 by 45.

1% of entire collection = [tex]\frac{360}{45} = 8[/tex] cards

This means that since Bill gets 55% of the entire collection, you multiply 8 by 55.

Bill = 8 x 55 = 440 cards.

Answer:

440

Step-by-step explanation:


Would you classify 225 as a perfect square, perfect cube, both, or neither?

Answers

Answer:

both

Step-by-step explanation:

Answer: Its Both looked it up

Step-by-step explanation:

what is Evaluate 4/5-3/7​

Answers

Answer:

[tex] \frac{13}{35} [/tex]

Step-by-step explanation:

To add or subtract two or more fractions from each other, the denominators have to be the same. To make the denominators the same, we should find the least common multiple of 5 and 7. The least common multiple of 5 and 7 is 35. 5 should be multiplied with 7 to get 35 and 7 should be multiplied with 5 to get 35 (with both numerators).

[tex] \frac{4}{5 } - \frac{3}{7} [/tex]

[tex] \frac{4 \times 7}{5 \times 7} - \frac{3 \times 5}{7 \times 5} [/tex]

[tex] \frac{28}{35} - \frac{15}{35} [/tex]

[tex] \frac{13 }{35} [/tex]

When subtracting, only subtract the numerators (the denominators are kept as is).

Answer:

the answer is 13/35

Step-by-step explanation:

-2x+m=5d
solve for m.​

Answers

Answer:

m=2x+5d

Step-by-step explanation:

M=d+2x
Pls mark brainliest


Please help me. I will give Brian list.

Answers

Answer:

Increasing

Step-by-step explanation:

Increasing.

Hope this helps ;)

Write the slope-intercept form of the equation of the line described.
Through (-2, -1) and parallel to y=-2x-1

Answers

Answer:

y= -2x -5

Step-by-step explanation:

Slope-intercept form:

y= mx +c, where m is the slope and c is the y-intercept.

Parallel lines have the same slope.

Thus, to find the value of the slope of the line, we have to find the slope of the given line.

y= -2x -1

Since the coefficient of x is -2 and the equation is already in slope-intercept form, the slope of the given line is -2.

Substitute m= -2 into the equation:

y= -2x +c

To find the value of c, substitute a pair of coordinates.

When x= -2, y= -1,

-1= -2(-2) +c

-1= 4 +c

c= -1 -4 (-4 on both sides)

c= -5

Thus, the equation of the line is y= -2x -5.

Add the following rational numbers -7.2 + (-4.28)

Answers

-11.48 hopefully I helped

Answer:

-11.48

Step-by-step explanation:

-7.2 + (-4.28)

-7.2 - 4.28

-11.48

In the figure shown, FG is tangent to circle D.
DO
G
What is the relationship between DG and FG?
O A. DG is parallel to FG
O B. DG is perpendicular to FG.
OC DG Intersects FG to form an acute angle.
ODDO intersects FG to form an obtuse angle

Answers

Answer:

Option B

Step-by-step explanation:

From the figure attached,

Circle D is drawn with the radius = DG or DE

A tangent FG has been drawn at a point G on the circle from an external point F.

By theorem,

Radius of a circle is always perpendicular to the tangent, drawn to the circle from an external point.

Therefore, DG ⊥ FG.

Option B will be the correct option.

Answer: B

Step-by-step explanation: good luck!:)

Find the missing side This is due in a hour

Answers

Answer:

The Arch is 630 ft tall

Step-by-step explanation:

-4x<20
X<-5
Describe the error that she made

What the answer

Answers

Answer:

your supposed to flip the sign for the less than or greater than sighs when dividing by a negative.

Step-by-step explanation:

-4x←20

x→-5

What is the domain of h^-1(x)

Answers

Answer:

(-∞,∞)

Step-by-step explanation:

hola necesito eso urgente porfavor lo tengo que entregar en 2 horas

Answers

la respuesta es x=10

Express this number in standard form.
3.643 x 10^-1 = ?

Answers

Answer:

Solution : Number . In standard form we solve power of 10. Therefore, in standard form is 0.3643

Step-by-step explanation:

hope it helps pls mark as brainliest

Answer:

0.3643

Step-by-step explanation:

Area of the circle. Leave your answer in terms of pi.

Answers

Answer:

3.1415926535 8979323846 2643383279 5028841971 6939937510 5820974944 5923078164 0628620899 8628034825 3421170679

Step-by-step explanation:

by google

Cheryl paid $37.20 for 12 gallons of ice cream for a school picnic. How much would 1 quart of ice cream cost?
$0.68
$0.78
$3.10
$4.10

Answers

Answer:

b

Step-by-step explanation:

Answer:0.78

Step-by-step explanation:

The original price of a t.v. was $500. Mrs. Nitz bought the t.v. on sale for $175. What a deal!!! Find the percent discount. BE CAREFUL...the t.v. was expensive but she got a big discount on it.

Answers

500 - 175 = 325
325/500 = 0.65 = 65%
the discount price was 65%

1
What is m∠GEF?
A 55°
B 110°
C 125°
D 235°


2 Decide if each statement about angle measures in a triangle is true or false.
Choose True or False for each statement.


please help I need an answer now, please

Answers

M g is 125 beachside if you move g and. V

Answer:

I'm pretty sure its 125... I remember getting asked this question and it was right. (i am not completely sure if it's right)

Step-by-step explanation:

Which lines in the graph have a slope greater than 1 but less than 2?

Line 1

Line 2

Line 3

Line 4

Line 5

Answers

Answer:

Line 3

Step-by-step explanation:

It bends okkkkkkkkkkkkkkk

Does anybody know the answer :D

Answers

I would say line graph

because many charts and graphs that use time, like years, use line graphs.

One example of this is the stock market, the stock market uses line graph, and I think the best option here is a line graph.

Answer: Line Graph

A line graph would best represent this data because you recording change over time (results from 1972-2008).

How do solve 31 = 5 - 2(3x+4) - x. It can be a fraction.​

Answers

x = 34 over -7
first you distribute, then you combine like terms, then get x by itself and then divide but in this problem you keep it in a fraction.

Help pls am confused ​

Answers

Answer:

Oww no

hope that will help you

The American Academy Dermatology says that hair grows about 6 inches per year. How much hair can you expect to grow after 3 years, given that you do not get any haircuts.

Answers

About 18 inches / 1 foot and 6 inches

If hair grows about 6 inches every year, and we want to find out how much will grow in 3 years, we multiply.

6 x 3 = 18 inches

Then we can simplify it because there are 12 inches in a foot

18/12 = 1 6/12

Question 5
At a soccer tournament, 240 water bottles were sold during the first day. During the second day, the number of water bottles sold was 156. What was the percentage of decrease?
Your answer:

Answers

Answer:

i think it 180

Step-by-step explanation:

If my function rule is 2x + 1, what is the OUTPUT if the input is 2?

Answers

Answer:  5

Work Shown:

x = 2 is the input

y = 2x+1

y = 2(2)+1

y = 4+1

y = 5 is the output

 A function is a relationship between inputs where each input is related to exactly one output.

The value of the output of function 2x + 1 when x =2 is 5.

What is a function?

A function is a relationship between inputs where each input is related to exactly one output.

Example:

1.

f(x) = 3x + 2

x = 1,

f(1) = 3x1 + 2 = 3 + 2 = 5

Input = 1

Output = 5

2.

g(x) = 4x + 2

For x = 1, g(1) = 4x1 + 2 = 4 + 2 = 6

Input = 1

Output = 6

We have,

Function:

2x + 1

Input = 2

The value of the output of the function 2x + 1 when x =2:

= 2x + 1

= 2x2 + 1

= 4 + 1

= 5

Thus,

The value of the output of function 2x + 1 when x =2 is 5.

Learn more about functions here:

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Kevin runs 4 miles in 30 minutes. At the same rate, how many miles would he run in 48 minutes?

Answers

6.4 Miles

30/4=7.5 (how many minutes it takes Kevin to run a mile)
48/7.5=6.4 (how many miles he can run at a 7.5 mile pace)
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