Determine the probability that you will pick out

Reference no: EM131851779

Independently of each other, ten numbers are randomly drawn from the interval (0, 1). You may view the numbers one by one in the order in which they are drawn. After viewing each individual number, you are given the opportunity to take it or let it pass. You are not allowed to go back to numbers you have passed by. Your task is to pick out the highest number. Your strategy is as follows. If, after you have viewed a number, there are still k numbers left to view, you will take the number if it is the highest number to appear up to that point and if it is higher than a critical level a_k, where a₀ = 0, a₁ = 0.500, a₂ = 0.690, a₃ = 0.776, a₄ = 0.825, a₅ = 0.856, a₆ = 0.878, a₇ = 0.894, a₈ = 0.906, and a₉ = 0.916. Use simulation to determine the probability that you will pick out the highest number.

Reference no: EM131851779

Questions Cloud

Make a journal entry for each of the transactions : Please make a journal entry for each of the transactions. Remember that the revenues must be classified as unrestricted, temporarily restricted.

What percent of the population have symptom a : Assume that the only possible causes of symptom A are D1, D2, and Di and that no one carries more than one of these three diseases.

Project requires initial investment in net working capital : The project requires an initial investment in net working capital of $138,000. The NPV for this project is $.

Find the probability that next thanksgiving day : If Professor Stems cars operate independently, find the probability that next Thanksgiving day (a) all three of his cars are operative

Determine the probability that you will pick out : Use simulation to determine the probability that you will pick out the highest number.

Prepare financial plan for mobile lawn equipment repair : Prepare a Financial Plan for Mobile Lawn Equipment Repair Company. repair lawn equipment at customer's residence or business.

How many cakes can lindas schedule in a 6 day work week : If Linda's charges $500 per cake, and the fixed cost of having the delivery truck is $150 per day. how may cakes do they have to bake to break-even?

Develop the logic for a program that would produce a table : Develop the logic for a program that would produce a table for the school. Each row represents the number of lessons taken: 0-9, 10-19, 20-29, and 30 or more.

Organizational ethical perspectives of decision : Compare and contrast the individual vs. the organizational ethical perspectives of decision making

User Account

All Pages