An insurance salesman visits up to three clients each day, hoping to sell a new policy. He stops for the day once he makes a sale. Each client independently decides whether to buy a policy; 10% of...


An insurance salesman visits up to three clients each day, hoping to sell a new policy. He stops for the day once he makes a sale. Each client independently decides whether to buy a policy; 10% of clients purchase the policy.


(a) Create a probability model for the number of clients the salesman visits each day.


(b) Find the expected number of clients.


(c) If the salesman spends about
 hours with each client, then how many hours should he expect to be busy each day?


(d) If the salesman earns $3,000 per policy sold, how much can he expect to make per day?



May 04, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here