3. McDonald's is having a promotional lottery. They print 5,000 prize tickets to be peeled off...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3. McDonald's is having a promotional lottery. They print 5,000 prize tickets to be peeled off cups and fries. The prizes and corresponding number of tickets are listed in the table; i.e., 1 in 5000 tickets is a $5,000 prize, 5 in 5,000 tickets are $1,000 prizes, etc. Suppose you have bought one of the tickets and are now interested in knowing more about the set up of the lottery. Use the information in the table to build box models to answer the questions. Prize Amount $5000 $1000 $50 $5 $0 Tickets 1 100 500 4394 (a) What is the expected value of prize money for 1 ticket? (b) What is the standard error of prize money for 1 ticket? (c) Suppose you and three friends have agreed to split your winnings evenly and have bought 50 tickets collectively. What is the probability the four of you will win $5 or more before splitting? (d) If the meal to get a ticket costs you $6, what is the probability you will lose money off of the 50 tickets you purchased in c (hint: don't do too much work to find the average of the new box)? 3. McDonald's is having a promotional lottery. They print 5,000 prize tickets to be peeled off cups and fries. The prizes and corresponding number of tickets are listed in the table; i.e., 1 in 5000 tickets is a $5,000 prize, 5 in 5,000 tickets are $1,000 prizes, etc. Suppose you have bought one of the tickets and are now interested in knowing more about the set up of the lottery. Use the information in the table to build box models to answer the questions. Prize Amount $5000 $1000 $50 $5 $0 Tickets 1 100 500 4394 (a) What is the expected value of prize money for 1 ticket? (b) What is the standard error of prize money for 1 ticket? (c) Suppose you and three friends have agreed to split your winnings evenly and have bought 50 tickets collectively. What is the probability the four of you will win $5 or more before splitting? (d) If the meal to get a ticket costs you $6, what is the probability you will lose money off of the 50 tickets you purchased in c (hint: don't do too much work to find the average of the new box)?
Expert Answer:
Related Book For
Statistical Reasoning for Everyday Life
ISBN: 978-0321817624
4th edition
Authors: Jeff Bennett, Bill Briggs, Mario F. Triola
Posted Date:
Students also viewed these accounting questions
-
Suppose that 10,000 tickets are sold in one lottery and 5000 tickets are sold in Another lottery. If a person owns 100 tickets in each lottery, what is the probability that she will win at least one...
-
A lottery claims its grand prize is $10 million, payable over 20 years at $500,000 per year. If the first payment is made immediately, what is this grand prize really worth? Use an interest rate of...
-
Suppose you will be shown three prizes in order. You know absolutely nothing about how valuable the prizes might be; only after viewing all three can you determine which one you like best. You are...
-
Given this expression, what can we say about the problem domain? tBoat (BoatSerialNo, BoatType, Manufacturer, Price, Customer, Date Of Sales Rep) SalesRep should not be in the expression at all...
-
Does all the energy released by an exergonic reaction go into driving a coupled endergonic reaction? Give an example to support your answer.
-
Let \(W=\left(W^{1}, \ldots, W^{d} ight)\) be a \(d\)-dimensional BM. Is the space of martingales \(\sum_{i=1}^{d} \int_{0}^{t} H_{i}\left(W^{i}{ }_{.} ight)_{s} d W_{s}^{i}\) dense in the space of...
-
You have the following information about a midwest city. Calculate the ratios of fund balance to revenues and determine if they are favorable or unfavorable. General Fund \(\$ 62\) million Unreserved...
-
You are the manager of a project to improve a billing process at your firm. Table contains the data you will need to conduct a cost analysis of the project. Indirect costs are $16, 00 per week, and...
-
Lotsa Bucks leased equipment to Shannon Company on January 1,2024. The lease payments were calculated to provide the lessor a10% return. Ten annual lease payments of $20,000 are due at thebeginning 2...
-
Pas Corporation acquired 80 percent of Sel Corporation's common stock on January 1, 2011, for $210,000 cash. The stockholders' equity of Sel at this time consisted of $150,000 capital stock and...
-
Data for June necessary for adjusting entries: 1. Supplies on hand total $800. 2. Accrued salaries payable are $1,600. 3. Accrued service revenue for $600. 4. The equipment has a useful life of 5...
-
Read the three factual scenarios and discuss whether the actions were done under color of state law. Please give reasons in support of your conclusion. Two New York City police officers removed...
-
Entry for Issuing Materials Materials issued are as follows: Requisition No. Material Job No. Amount 201 Aluminum 500 86,040 202 Plastic 503 29,340 203 Rubber 504 3,530 204 Glue Indirect 2,220 205...
-
Johnson refused to file a federal income tax return, claiming that it was a violation of his right to privacy. He was arrested and charged with a violation of the Internal Revenue Code of the United...
-
Analyze the Navier-Stokes equations in the context of fluid dynamics, focusing on their mathematical complexity and physical interpretation, and discuss the conditions under which these equations...
-
If following flowchart was executed, what is the final value of variable x? Start Initialize x-10, k-3 k < 5 COMPUTE x=x+k T COMPUTE x=x+5 End
-
3.3 Follow immediatelyinstructions given by senior staff and/or the emergency services inrelation to accidents and emergenciesActivity 10 (4points): Why is it crucial to followinstructions given 3.3...
-
Evaluate the function at the given value(s) of the independent variable. Simplify the results. (x) = cos 2x (a) (0) (b) (- /4) (c) (/3) (d) ()
-
A survey involving a larger sample of subjects is always better than one involving a smaller sample. Decide whether the statement makes sense or does not? Explain clearly.
-
One of the authors drilled a hole in a die, filled it with a lead weight, and then proceeded to roll it. The results are given in the following frequency table. a. According to the data, how many...
-
Find the value of the standard score, z, and determine whether the alternative hypothesis is supported at a 0.05 significance level. H a : > 1007, n = 225, x= 1021, a = 35.
-
A sales invoice prepared by the seller is called a purchase invoice by the buyer. True/False
-
A purchase of merchandise for $300 with a trade discount of 10% would require a debit to Purchases of (a) $330. (c) $297. (b) $300. (d) $270.
-
A trade discount is a reduction from the list or catalog price offered to different classes of customers. True/False
Study smarter with the SolutionInn App