Suppose a person is thinking about entering a MarioKart competition at their local videogame store. The competition costs 20 dollars to enter. The competition consists of 10 matches. The person knows that their chance of winning each match is 65% and that each match is independent of the others. The payout for the competition is: WIN ALL 10 Matches: 500 Dollar Prize WIN 9 Matches: 250 Dollar Prize WIN 8 Matches: 50 Dollar Prize OTHERWISE: Nothing 1) Suppose that this person enters the competition 5 times. What is the probability they break even? (Hint: To break even they would need to win the $50 prize twice and lose the other three times. Use a modified binomial to calculate this probability

Suppose a person is thinking about entering a MarioKart competition at their local videogame store. The competition costs 20 dollars to enter. The competition consists of 10 matches. The person knows that their chance of winning each match is 65% and that each match is independent of the others. The payout for the competition is: WIN ALL 10 Matches: 500 Dollar Prize WIN 9 Matches: 250 Dollar Prize WIN 8 Matches: 50 Dollar Prize OTHERWISE: Nothing 1) Suppose that this person enters the competition 5 times. What is the probability they break even? (Hint: To break even they would need to win the $50 prize twice and lose the other three times. Use a modified binomial to calculate this probability

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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Question

The payout for the competition is:

WIN ALL 10 Matches: 500 Dollar Prize

WIN 9 Matches: 250 Dollar Prize
WIN 8 Matches: 50 Dollar Prize

OTHERWISE: Nothing

1) Suppose that this person enters the competition 5 times.
What is the probability they break even?
(Hint: To break even they would need to win the $50 prize twice and lose the other three times. Use a modified binomial to calculate this probability.)

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