
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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Transcribed Image Text:A radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth
$500 each.
(a) Compute the expected value for this contest, assuming 10,000 people enter this contest.
(b) What are the odds for winning the vacation package?
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