A law firm takes cases on a contingent fee basis. If the case goes to trial, the firm expects to earn $45,000 as part of

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A Law Firm Takes Cases On A Contingent Fee Basis If The Case Goes To Trial The Firm Expects To Earn 45 000 As Part Of 1 (78.87 KiB) Viewed 65 times

A law firm takes cases on a contingent fee basis. If the case goes to trial, the firm expects to earn $45,000 as part of the settlement if it wins and nothing if it does not The firm wins one-fourth of the cases that go to trial. If the case does not go to trial, the firm earns nothing. Half of the cases do not go to trial. Complete parts (a) through (c) below. ... (a) Define a random variable to model the earnings when taking a case of this type. Select the correct choice below and fill in the answer boxes within your choice. (Type integers or simplified fractions.) O A. Let the random variable X denote whether the case is won. P(X = won) = and P(X = lost) OB. Let the random variable X denote whether the case goes to trial. P(X = goes) = and P(X = doesn't go) = O C. Let the random variable X denote the earnings. P(X = $0) = and P(X= $ ) = (b) What is the expected value of such a case to the firm? (Round to the nearest dollar.) (c) What is the standard deviation of the earnings? (Round to the nearest dollar.)