SOLUTION: 5. The same salesman has a particular trip of 48 miles, which he often takes. Four times it has taken him one hour to complete the trip and six times it has taken one and a half h
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Question 570016: 5. The same salesman has a particular trip of 48 miles, which he often takes. Four times it has taken him one hour to complete the trip and six times it has taken one and a half hours. What is his expected time per trip? (Now convert the data to miles per hour and then calculate his expected speed. Compare the two answers.)
6. A small loan company finds 12% of its loans are defaulted for an average of 20% of the loan value. What is the expected percent of default for all their loans?
7. A mail order company finds 18% of the purchases of a particular item are returned. The company estimates each return costs $0.70 in transportation and extra handling. What is the expected extra cost due to returns per unit of this item?
8. A second-hand car lot has a mark-up of $250 on 65% of its cars and a mark-up of $400 on the rest. What is the expected mark-up?
9. A department store discovers twice as many customers buy two units of $3.95 (for the pair) as buy one unit for $2.15. What is the expected purchase price per unit?
10. A magazine states the average number of cars per subscriber family is 1.2. If 20% of the family subscribers have no cars, what is the average number of cars per family of those families, which have one or more cars?
Is there some part of the concept "one problem per post" that you don't quite comprehend, or do you just think that you are too important to have to be concerned with petty annoyances like rules?
John
My calculator said it, I believe it, that settles it
