Question
A local business is conducting a prize game to draw attention to their store. Each customer receives a scratch off ticket that may reveal they
A local business is conducting a prize game to draw attention to their store. Each customer receives a scratch off ticket that may reveal they have won one of 3 different prizes. The 3 prizes are: $75, $40, and $20. Printed on the tickets are theprobabilities of winning each of the three prizes if the customer shops once a week. The probabilities for each prize are: .02, .10, and .30, respectively.
a) (4 pts) Create a valid probability model for this situation and insert or attach it.
b) (2 pts) What is the expected value of a customer's winnings in this game?
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