(Answered) Belk department store is having a special sale this weekend

Statistics

Belk Department Store is having a special sale this weekend. Customers charging pur- chases of more than $50 to their Belk credit card will be given a special Belk Lottery card. The customer will scratch off the card, which will indicate the amount to be taken off the total amount of the purchase. Listed below are the amount of the prize and the per- cent of the time that amount will be deducted from the total amount of the purchase.

Prize Amount	Probability
$ 10	.50
25	.40
50	.08
100	.02

a. What is the mean amount deducted from the total purchase amount?

b. What is the standard deviation of the amount deducted from the total purchase?

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91528691
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

6year 8 coupon bond with semi annual payments par value

6 year, 8% coupon bond with semi annual payments, Par Value = $1000. 1) Find out price of the bond if YTM = 10%. 2) What happens to the bond price if YTM decreases 1 basis point? 3) Is the effect of 1 basis point decreas ...

1 three-circle red-on-white is one distinctive pattern

1) Three-circle, red-on-white is one distinctive pattern painted on ceramic vessels of the Anasazi period found at an archaeological site. At one excavation, a sample of 165 potsherds indicated that 74 were of the three- ...

Cate the wacc given the following assumptionsa

Calculate the WACC given the following assumptions: a. Company tax rate is 40%. b. Company has an outstanding bond issue with a 6-7/8 coupon, market price of 102-5/8 (percent of 100% par, in 32nds), semiannual coupon pay ...

What types processes or procedures support project

What types processes or procedures support project management, continuous improvement and innovative initiatives?

Should you perform a log transformation on a categorical

Should you perform a log transformation on a categorical (nominal) variable, or can you only do that for continuous variables?

Assume that the fisherman can use between 5 and 8 lines

Assume that the fisherman can use between 5 and 8 lines. With 5 lines, the probability of a catch on each line is 0.71. With 6 this probability is 0.63, with 7 it is 0.51, and with 8 the probability is 0.43. 1) How many ...

If the coefficient of determination is 0233 what percentage

If the coefficient of determination is 0.233, what percentage of the data about the regression line is explained? How do I go about solving this?

A statistics student has collected data from a random

A statistics student has collected data from a random sample of 20 college students at his school. He collected data on many variables including GPA (grade point average) and how many hours per week they play video games ...

A coin is biased so that the probability of obtaining heads

A coin is biased so that the probability of obtaining heads is ¾, What is the probability of obtaining at least three heads in four tosses of the coin?

According to recent study 143 of 453 technology ceos from

According to recent? study, 143 of 453 technology CEOs from around the world responded that technological advances will transform their business and 85responded that resource scarcity and climate change will transform th ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert