Question 19 In a typical month, an insurance agent presents life insurance plans to 40 potential customer. Historically, one in four such customers chooses to buy life insurance from this agent. Based...

Problems Chapter 5 Question 19 In a typical month, an insurance agent presents life insurance plans to 40 potential customer. Historically, one in four such customers chooses to buy life insurance from this agent. Based on the relevant binomial distribution, answer the following questions: A) What is the probability that exactly 5 customers will buy life insurance from this agent in the coming month? b) What is the probability that no more than 10 customers will buy life insurance from this agent in the coming month? c) What is the probability that at least 20 customer will buy life insurance from this agent in the coming month? Question 22 Suppose that a popular hotel for vacationers, in Orlando, Florida has a total of 300 identical rooms. Like many major airline companies, this hotel has adopted an overbooking policy in an effort to maximize the usage of its available lodging capacity. Assume that each potential hotel customer holding a room reservation, independently of other customers cancels the reservation or simply does not show up at the hotel on a given night with the probability of 0.15.a. Find the largest number of room reservations that this hotel can book and still be at least 95% sure that everyone who shows up at the hotel will have a room on any given nightb. Given that the hotel books the number of reservations found in answering part a, find the probability that at least 90% of the available rooms will be occupied on a given night.c. Given that the hotel books the number of reservations found in answering part a, find the probability that at most 90% of the available rooms will be occupied on a given night.d. How does your answer to part a change as the required assurance rate increases from 95% to 97%? How do you answer to part a change as the required assurance rate increases from 95% to 99%.e. How does your answer to part a change as the cancellation rate varies between 5% and 25% (in increments of 5%) Assume now...