Sue purchased a $30,000 life insurance policy at the price of $24 for each $1000 of coverage. If she pays the premium in 12 mont
1 answer:
You might be interested in
Answer:
a) There is a 83.06% probability that all orders are shipped on time.
b) There is a 15.90% probability that exactly one order is not shipped ontime.
c) The probability of at least two orders being late is 1.02% + 0.02% = 1.04%.
Step-by-step explanation:
Probability:
What you want to happen is the desired outcome.
Everything that can happen iis the total outcomes.
The probability is the division of the number of possible outcomes by the number of total outcomes.
In our problem, there is:
-A 6% probability that a customer's order is not shipped on time.
-A 94% probability that a customer's order is shipped on time.
We have these following orders:
O1 - O2 - O3.
(a) What is the probability that all are shipped on time?
The probabilities that each order is shipped on time are O1 = 0.94, O2 = 0.94 and O3 = 0.94. So:
= 0.8306
There is a 83.06% probability that all orders are shipped on time.
(b) What is the probability that exactly one is not shipped ontime?
The order's can be permutated. What this means? It means that we can have O1 late and O2,03 on time, O2 late and O1,O3 on time and O3 late and O1, O2 on time. We have a permutation of 3 elements(the orders) with 2 and 1 repetitions(2 on time and one late).
The probability that an order is late is:
= 0.053 for each permutation
Considering the permutations:
There is a 15.90% probability that exactly one order is not shipped ontime.
(c) What is the probability that two or more orders are not shipped on time?
P = P1 + P2, where P1 is the probability that two orders are late and P3 is the probability that all three orders are late.
P1
Considering the permutations, the probability that two orders are late is:
There is a 1.02% probability that two orders are late
P2
There is a 0.02% probability that all three orders are late.
The probability of at least two orders being late is 1.02% + 0.02% = 1.04%.