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Samuel Cartwright is suing over a workmanship defect in a data backup system that cost him 3 years of client data. He is suing for $1 million, and the manufacturer is offering him an out-of-court settlement of $450,000, of which Samuel will receive $400,000. Samuel's lawyer advises him that cases like his do not tend to do well if they reach court, but that the company offered to settle to protect its reputation. If he goes to court, he has only a 30% chance of winning anything. If he does win, he has a 65% chance to win the full award, and a 35% chance to win a reduced award of $650,000. If he goes to court and loses, he will incur $50,000 in lawyer's fees and court costs. Create a decision tree to represent this situation. If he goes to court, what is the probability that he will win the full amount? What is the probability that he will win the reduced amount? What is the expected value of going to court? What should Samuel do?
To find the probability that exactly 25 of the computers will require repair, one would use what type of probability distribution?
The average price of a personal computer is 949 assuming that the prices are normally distributed with a standard deviation of 100 what is the price that corresponds to the least expensive 10%.
consider the series-parallel networks depicted below. each system comprises four components. the time-to-failure for
According to the empirical rule, if the data from a "bell-shaped" normal distribution ______ percent of the observation will be contained between 2 standard deviations below the mean and 2 standard deviations above the mean.
Two percent of the parts from a production process are defective. A sample of five parts from the production process is selected. What is the probability that the sample contains exactly two defective parts?
1. what is the purpose of conducting an experiment? how does an experimental design accomplish its purpose?2. what are
A sample of 420 families revealed the following. At the 0.05 significance level, is there a difference in the proportion of customers that prefer each day of the week?
A random sample of 35 clients' receipts gave a mean of $34.70 with standard deviation s= $4.85. Find a 90% confidence interval for the average amount spent by all clients
Elucidate correlation coefficient of determination R-square also Adjusted R-square. A computer utility was implimentated to the data collected in a study of a generalized health.
c1-tinternetgdpco2cellularfertilityliteracyalgeria0.656.0930.32.858.3argentina10.0811.323.819.32.496.9australia37.1425.3
Construct a 99% confidence interval for the proportion of customers favoring underground installation.
In the context of this scenario, what would be the consequences of making a Type I error?
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