Question
A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three differentprizes: an automobile valued at $
A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three differentprizes: an automobile valued at $27,000, a $125 gascard, or a $5 shopping card. To claim his or herprize, a prospective customer needed to present the flier at thedealership'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 31,852, the chance of winning the gas card was 1 out 31,852, and the chance of winning the shopping card was 31,850 out of 31,852. Complete parts(a) through(c).
a. How many fliers do you think the automobile dealership sentout?
31852 fliers
b. Using your answer to(a) and the probabilities listed on theflier, what is the expected value of the prize won by a prospective customer receiving aflier?
=$5.86
c. Using your answer to(a) and the probabilities listed on theflier, what is the standard deviation of the value of the prize won by a prospective customer receiving aflier?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started