<span>2/15 if drawn without replacement.
1/9 if drawn with replacement.
Assuming that the chips are drawn without replacement, there are 6 * 5 different possibilities. And that's a low enough number to exhaustively enumerate them. So they are:
1,2 : 1,3 : 1,4 : 1,5 : 1,6
2,1 : 2,3 : 2,4 : 2,5 : 2,6
3,1 : 3,2 : 3.4 : 3,5 : 3,6
4,1 : 4,2 : 4.3 : 4,5 : 4,6
5,1 : 5,2 : 5.3 : 5,4 : 5,6
6,1 : 6,2 : 6.3 : 6,4 : 6,5
Of the above 30 possible draws, there are 4 that add up to 5. So the probability is 4/30 = 2/15
If the draw is done with replacement, then there are 36 possible draws. Once again, small enough to exhaustively list, they are:
1,1 : 1,2 : 1,3 : 1,4 : 1,5 : 1,6
2,1 : 2,2 : 2,3 : 2,4 : 2,5 : 2,6
3,1 : 3,2 : 3,3 : 3.4 : 3,5 : 3,6
4,1 : 4,2 : 4.3 : 4,4 : 4,5 : 4,6
5,1 : 5,2 : 5.3 : 5,4 : 5,5 : 5,6
6,1 : 6,2 : 6.3 : 6,4 : 6,5 : 6,6
And of the above 36 possibilities, exactly 4 add up to 5. So you have 4/36 = 1/9</span>
6 out of 2000 students quit community college due to serious health issues. $10,000 insurance company offer $60 per year
Based on the data, there are 6 students who will be given the $10,000 insurance per year. So they need
6 * 10,000 = $60,000 to make a break-even on their insurance offer
If a student pays $60 per year, they should have
$60,000 / $60 = 1,000 students who will pay per year to reach the break-even mark of their investment. If the number of students will exceed 1,000, the company will begin to earn.
