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 $75 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 31 679, the chance of winning the gas card was 1 out of 31 679, and the chance of winning the shopping card was 31 677 out of 31 679. Complete parts (a) through (d). a. How many fliers do you think the automobile dealership sent out? 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? μ=? (Round to the nearest cent as needed.) c. Using your answer to (a) and the probabilities listed on the flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a flier?
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 $75 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 31 679, the chance of winning the gas card was 1 out of 31 679, and the chance of winning the shopping card was 31 677 out of 31 679. Complete parts (a) through (d). a. How many fliers do you think the automobile dealership sent out? 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? μ=? (Round to the nearest cent as needed.) c. Using your answer to (a) and the probabilities listed on the flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a flier?
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 $75 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 31 679, the chance of winning the gas card was 1 out of
31 679, and the chance of winning the shopping card was
31 677 out of 31 679.
Complete parts (a) through (d).a. How many fliers do you think the automobile dealership sent out?
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?
μ=?
(Round to the nearest cent as needed.)
c. Using your answer to (a) and the probabilities listed on the flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a flier?
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