Question

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 ​$23 comma 00023,000​, a ​$100100 gas​ card, or a ​$55 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 comma 12931,129​, the chance of winning the gas card was 1 out of 31 comma 129 comma31,129, and the chance of winning the shopping card was 31 comma 12731,127 out of 31 comma 12931,129. complete parts​ (a) through​ (c).

Answer 1

Answer:

the requirements are missing, so I looked for a similar question.

a. How many fliers do you think the automobile dealership sent​ out?

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?

c. Using your answer to​ (a) and the probabilities listed on the​ flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a​ flier?

a) the total fliers sent out = 31,127 + 1 + 1 = 31,129

b) expected value = [(1 x $23,000) + (1 x $100) + (31,127 x $5)] / 31,129 = $5.74

c) σ² = [($23,000 - $5.74)² x 1] + [($100 - $5.74)² x 1] + [($5 - $5.74)² x 31,127] / 31,129 = ($528,735,992.90 + $8,884.94 + $17,045.15) / 31,129 = $16,986.15

σ = √$16,986.15 = $130.33