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VashaNatasha [74]
3 years ago
8

Oxnard Petro Ltd. is buying hurricane insurance for its off-coast oil drilling platform. During the next five years, the probabi

lity of total loss of only the above-water superstructure ($300 million) is 0.25, the probability of total loss of the facility ($800 million) is 0.25, and the probability of no loss is 0.50. Find the expected loss.
Mathematics
1 answer:
Andrew [12]3 years ago
6 0

Answer:

The expected loss is $275 million.

Step-by-step explanation:

Expected loss can be determined as the sum of the product of each possible loss by the its probability of occurence. In this situation, there are only two possible losses listed since the probability of no loss doesn't add any value to the expected loss and should be disregarded.

Expected loss (in millions) = EL

EL = (300*0.25)+(800*0.25)\\EL = 275

The expected loss is $275 million.

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Part B A sales person earned 1375
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Question:

A salesperson earns commission on the sales that she makes each month.

The salesperson earns a 5% commission on the first $5,000 she has in sales.

The salesperson earns a 7.5% commission on the amount on her sales that are greater than $5,000.  

Part A:

This month the salesperson had $8,000 in sales. What amount of commission, in dollars, did she earn?

Part B:

The salesperson earned $1,375 in commission, last month. How much money, in dollars, did she have in sales last month?

Answer:

A) The amount of commission  = $575

B) The total sales amount  =  $20000

Step-by-step explanation:

<h3><u>Part A </u></h3>

Given:

Total amount earned =  $8,000 in sales

To Find :

The amount of commission, in dollars

Solution:

The commission she earns = Commission 1+ Commission 2----------(1)

Commission 1 = 5% of 5000

Commission 2  = 7.5 % of (8000- 5000}

Finding commission 1:

= 5% of 5000

= \frac{5}{100} \times 5000

= 0.05 \times 5000

= $250 ------------------------------(2)

Finding commission 2:

=  7.5 % of (3000)

=\frac{7.5}{100}\times 3000

= 0.075 \times 3000

= $225----------------------------------(3)

Substituting (2) and (3) in (1)

The commission she earns = $250 + $225 = $575

<h3><u>Part B</u></h3>

Given:

Total commission earned = $1375

To Find :

The total sales amount = ?

Solution ;

Let the sales amount be x

Then

1375 = 5% of  5000 + 7.5 % of (x -5000)

1375 = 0.05 \times 5000 + 0.075 \times (x -5000)

1375 = 250 + 0.075x - 375

1375 = -125 + 0.075 x

1375 +125 = 0.075 x

1500 = 0.075x

x = \frac{1500}{0.075}

x = 20000

The total sales amount  is $20000

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