A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: an automobile valued at $23,000, a $100 gas card, or a $5 shopping card. To claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 31,113, the chance of winning the gas card was 1 out of 31,113, and the chance of winning the shopping card was 31,111 out of 31,113. Complete parts (a) through (d). a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available. fliers

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I need help finding the expected value of the prize won by a customer receiving a flyer based on the probabilities, I also need help finding the standard deviation of the value of the prize won

**Example Probability Problem on a Promotional Giveaway**

**Scenario:**

A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes:

1. An automobile valued at $23,000
2. A $100 gas card
3. A $5 shopping card

To claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 31,113, the chance of winning the gas card was 1 out of 31,113, and the chance of winning the shopping card was 31,111 out of 31,113. Complete parts (a) through (d).

**Question:**

a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available.

**Answer:**

[Provide your detailed analysis and answer here.]

To answer part a, we would calculate the total number of fliers considering the probabilities given. If each probability is based on the total number of fliers sent out, and one car and one gas card are awarded, it can be inferred that the dealership sent out 31,113 fliers in total. Here are the calculations that confirm this:

- The chances of winning the car (1 out of 31,113) implies that there's exactly one car allocated within those 31,113 fliers.
- Similarly, the chances of winning the gas card (1 out of 31,113) also implies that there's exactly one gas card allocated within those 31,113 fliers.

Thus, the total number of fliers sent out by the dealership is 31,113.
Transcribed Image Text:**Example Probability Problem on a Promotional Giveaway** **Scenario:** A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: 1. An automobile valued at $23,000 2. A $100 gas card 3. A $5 shopping card To claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 31,113, the chance of winning the gas card was 1 out of 31,113, and the chance of winning the shopping card was 31,111 out of 31,113. Complete parts (a) through (d). **Question:** a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available. **Answer:** [Provide your detailed analysis and answer here.] To answer part a, we would calculate the total number of fliers considering the probabilities given. If each probability is based on the total number of fliers sent out, and one car and one gas card are awarded, it can be inferred that the dealership sent out 31,113 fliers in total. Here are the calculations that confirm this: - The chances of winning the car (1 out of 31,113) implies that there's exactly one car allocated within those 31,113 fliers. - Similarly, the chances of winning the gas card (1 out of 31,113) also implies that there's exactly one gas card allocated within those 31,113 fliers. Thus, the total number of fliers sent out by the dealership is 31,113.
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