STT 201 Lecture Notes - Lecture 53: Standard Deviation, Microsoft Powerpoint, W. M. Keck Observatory
19 Jul 2019
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Sum of probabilities = 1 > 20p=1 > p=0. 05 bonus: 5000 2000 1000 500. Class problem: in real estate ads it is found that 64% of homes have garages, 9% have pools, and 28% have a finished basement. 5% have a garage and a pool, 19% have a garage and a basement, 4% have a basement and a pool, and 2% have all three. If he wins. he will be awarded and will not have to pay any court costs. If he loses, he will have to pay court fees totaling . John has found a lawyer that will represent him for . If he hires this lawyer, there is an 80% chance he will win, and if he represents himself there is only a 60% chance that he will win. Should john hire this lawyer? (calculate his expected net winnings using the lawyer and his expected net winnings not using the lawyer)
