Use the Data Given Below to Answer the Following Question(s) $X$

question 22

Multiple Choice

Use the data given below to answer the following question(s) .
In an event $X$ , the probability of rolling a sum of 8 on two dice is $\frac{5}{36}$ while the probability of rolling an 11 is $\frac{2}{36}$ . In another event $Y$ , the probability of rolling a 2 is $\frac{1}{36}$ , the probability of rolling a 9 is $\frac{4}{36}$ , and the probability of rolling a 4 is $\frac{3}{36}$ .
-Consider an event Z that includes all outcomes of rolling two dice whose sum is odd.What is the probability that either event Y or Z occurs?

• A)\(\frac{26}{36}\)
• B)\(\frac{22}{36}\)
• C)\(\frac{10}{36}\)
• D)\(\frac{18}{36}\)

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Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows, given a specified rate of return, crucial in assessing investment opportunities.

Interest

Interest represents the cost of borrowing money, typically expressed as a percentage of the principal, paid by the borrower to the lender for the use of the lender's money.

Economic Profits

Economic profits are the total revenues of a firm minus the opportunity costs of all inputs, reflecting the additional gain over the normal profit.

Insurable Risks

Risks that meet certain criteria making them insurable, such as being definite, accidental, and potentially financially devastating to the insured.