MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
Bartleby Related Questions Icon

Related questions

Question
100%

Answer B

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 $30,000, 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 31,729, the chance of winning the gas card was 1 out of 31,729, and the chance of winning the shopping card was
31,727 out of 31,729. Complete parts (a) through (d).
a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available.
31729 fliers
b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier?
μ = $ (Round to the nearest cent as needed.)
expand button
Transcribed Image Text: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 $30,000, 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 31,729, the chance of winning the gas card was 1 out of 31,729, and the chance of winning the shopping card was 31,727 out of 31,729. Complete parts (a) through (d). a. How many fliers do you think the automobile dealership sent out? Assume there is one car and one gas card available. 31729 fliers b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier? μ = $ (Round to the nearest cent as needed.)
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Text book image
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Text book image
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Text book image
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
Text book image
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Text book image
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman