The following problem appeared in the news column Ask Marilyn on September 19, 2010. Four identical sealed
Question:
The following problem appeared in the news column “Ask Marilyn” on September 19, 2010. Four identical sealed envelopes are on a table. One of them contains a $100 bill.
You select an envelope at random and hold it in your hand without opening it. Two of the three remaining envelopes are then removed and set aside, unopened. You are told that they are empty. You are given the choice of keeping the envelope you chose or exchanging it for the one on the table.
What should you do? a) Keep your envelope. b) Switch it. c) It doesn’t matter.
Write a simulation to find the probability of selecting the $100 bill when you switch. Confirm the results of your simulation with an exact analysis.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (14 reviews)
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
This classic problem was given widespread pop culture attention in 2008 by the movie "21." A form of this problem known as the Monty Hall problem appeared in the "Ask Marilyn" column in Parade...
-
In a letter to the editor that appeared in the February 23, 1987, issue of U.S. News and World Report, a reader discussed the issue of space-shuttle safety. Each "criticality 1" item must have a...
-
The relationship between drug companies and medical researchers is under scrutiny because of possible conflict of interest. The issue that started the controversy was a 1995 case control study that...
-
Assuming 10% minimum required reserve ratio, 5% excess reserve ratio, and people holding 10% of cash received at home (not deposited in the banks), the money multiplier is equal to Select one: a....
-
Return to the Blending Department for the Bright Day Paint Company in E5-40B. In E5-40B Gallons: Beginning work in process inventory...
-
Katrina Storm went to work for NOLA Industries five years ago. She was recently promoted to cost accounting manager and now has a new boss, Vickery Howe, the corporate controller. Last week, Storm...
-
Using Program13.m, solve Problem 9.13. Data From Problem 9.13:- The data obtained in a two-plane balancing procedure are given in the table below. Determine the magnitude and angular position of the...
-
Lindo Company incurs annual fixed costs of $80,000. Variable costs for Lindos product are $40 per unit, and the sales price is $64 per unit. Lindo desires to earn an annual profit of $40,000....
-
During 2024, a company sells 365 units of inventory for $95 each. The company has the following inventory purchase transactions for 2024: Number of Date January 1 May 5 Transaction Beginning...
-
In Section 5.3, we provided an outline of the derivation of the efficiency of slotted ALOHA, in this problem we'll complete the derivation, a, Recall that when there are N active nodes, the...
-
In July 2016, the IRS issued regulations on longevity annuities that can help people prolong their retirement savings, easing their concern of outliving their savings. Conduct research on this topic,...
-
Suppose P 1 , . . . , P k are probability functions on . Let a 1 , . . . , a k be a sequence of numbers. Under what conditions on the a i s will P = a 1 P 1 + + a k P k be a probability function?
-
Explain the difference between frequency and relative frequency.
-
There are instances when a marketer may decide to use broad scale media to attract new prospects rather than a list from an external database. Name these instances.
-
Write a program to display the protocol, host, port, and file components of a URL. Look at the API documentation of the URL class.
-
Give an example of why you would want to terminate a thread.
-
Use the wheel of retailing concept to explain the evolution in market growth of a neighborhood urgent care medical center that treats minor emergencies.
-
Give an example of a sales related objective for a retailer and an acquisition objective for a direct marketer, and explain the distinction clearly.
-
Assume the value of the island of Manhattan has grown at an exponential rate of 8% per year since 1626 when Peter Minuit of the Dutch West India Company purchased the island for $24. The value of the...
-
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
-
What is the overall % change in 1-year cumulative incidence between period A and period B? The SEER data is also available for the time period 20012006 (period B) as shown in Table 3.20. Table 3.20...
-
Suppose that we have 100 women who are age 55 in the year 1995. What is the probability that at least 2 of them will develop breast cancer by 1996? The SEER data is also available for the time period...
-
If we regard the LCD interpretation as the gold standard, then what is the sensitivity of the iPad 2 interpretation? Radiology Mobile displays have the potential to increase the flexibility of...
-
One of the four basic types of problems identified by Drucker (2008) is the generic event that is common within the organization and throughout the industry. He goes on to tell us that all but the...
-
Dr. D is the director of surgery at Union Medical Center. He has long been recognized for his disruptive behavior and outbursts of anger in the OR. Carol, the VP of nursing, makes an appointment to...
-
Define project scope, objectives, and deliverables. Conduct stakeholder analysis and engage key stakeholders throughout the project lifecycle. Assess current CRM processes and systems to identify...
Study smarter with the SolutionInn App