Business, 12.03.2020 18:49 dondre54

To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3700, and the average first-year commission for each new account opened is $5300. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. Determine the equation for computing Gustin’s profit per seminar, given values of the relevant parameters. Round your answers to the nearest dollar. Profit = (New Accounts Opened × $ 5,300 ) – $ 3,700 What type of random variable is the number of new accounts opened? (Hint: Review Appendix 12.1 for descriptions of various types of probability distributions.) The number of new accounts opened is a binomial random variable with 25 trials and 0.01 probability of a success on a single trial. Assume that the number of new accounts you get randomly is: Simulation Trial New Accounts 1 0 2 0 3 0 4 0 5 0 6 2 7 2 8 1 9 1 10 0 11 1 12 2 13 1 14 2 15 0 16 0 17 0 18 0 19 1 20 0 21 1 22 0 23 1 24 0 25 0

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