PROBLEM 3: (10 Marks) The following table shows the length of stay distribution for guests staying...
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PROBLEM 3: (10 Marks) The following table shows the length of stay distribution for guests staying at a beach resort, in days. Days 2 3 4 6. 7 8 9. 10 Probability% 5 14 13 12 11 15 12 9 The resort management makes a net profit of $60 per day per guest during the first 2 days of the stay, and $52 per day per guest after the first 2 days. How much profit will the resort owners make in a month (assuming 30 days in a month) if there are 100 guests arriving per day? [Hint: Find the average profit for one guest then work out for the entire month.] PROBLEM 3: (10 Marks) The following table shows the length of stay distribution for guests staying at a beach resort, in days. Days 2 3 4 6. 7 8 9. 10 Probability% 5 14 13 12 11 15 12 9 The resort management makes a net profit of $60 per day per guest during the first 2 days of the stay, and $52 per day per guest after the first 2 days. How much profit will the resort owners make in a month (assuming 30 days in a month) if there are 100 guests arriving per day? [Hint: Find the average profit for one guest then work out for the entire month.]
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Related Book For
Fundamentals of Investing
ISBN: 978-0133075359
12th edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk
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