Answered: A regional automobile dealership sent…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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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 $20,000, a $125 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 31,515, the chance of winning the gas card was 1 out of 31,515 and the chance of winning the shopping card was 31,513 out of 31,515.

Using the information above, what is the expected value of the prize won by a prospective customer receiving a flier? (Round to two decimal places.)

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