An analyst estimates that the probability of default on a seven-year AA-rated bond is 0.06, while that on a seven-year A-rated bond is 0.13. The probability that they will both default is 0.04.
Organizers of an outdoor summer concert are concerned about the whether conditions on the day of the concert. They will make a profit of $25,000 on a clear day and $10,000 on a cloudy day. They will take a loss of $5,000 if it rains. The weather channel has predicted a 60% chance of rain on the day of the concert. Calculate the expected profit from the concert if the likelihood is 10% that it will be sunny and 30% that it will be cloudy.
The average rent in a city is $1,500 per month with a standard deviation of $250. Assume rent follows the normal distribution. What percentage of rents are between $1,250 and $1,750?
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