MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different​ prizes: an automobile valued at ​$20,000​, a ​$125 gas​ card, or a ​$5 shopping card. To claim his or her​ prize, a prospective customer needed to present the flier at the​ dealership'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 31,515​, the chance of winning the gas card was 1 out of 31,515 and the chance of winning the shopping card was 31,513 out of 31,515.

 

Using the information above, what is the expected value of the prize won by a prospective customer receiving a​ flier? (Round to two decimal places.)

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