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 $24,000, 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 31,122, the chance of winning the gas card was 1 out of 31,122, and the chance of winning the shopping card was 31,120 out of 31,122. 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. 31122 fliers b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier? (Round to the nearest cent as needed.) μ=S

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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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 $24,000, 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 31,122, the chance of winning
the gas card was 1 out of 31,122, and the chance of winning the shopping card was 31,120 out of 31,122. 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.
31122 fliers
b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a
prospective customer receiving a flier?
(Round to the nearest cent as needed.)
p=
Transcribed Image Text: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 $24,000, 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 31,122, the chance of winning the gas card was 1 out of 31,122, and the chance of winning the shopping card was 31,120 out of 31,122. 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. 31122 fliers b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier? (Round to the nearest cent as needed.) p=
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