Homework: Section 5.1 vkoppa Score: 0 of 1 pt nstructor-created question Hw Scor
ID: 3068845 • Letter: H
Question
Homework: Section 5.1 vkoppa Score: 0 of 1 pt nstructor-created question Hw Score: 44 44%, 1 33 of 3 p E Question Help C to present the ier at the dealership's showroom The ine print on the back of the flor isted the probabilities of winning The chance of winning the car was 1 out of 31,719, the chance of winning the gas card was 1 out of 31,719, and the chance of wining the shopping card was 31,717 out of 31,719 Complete parts (a) through d a. How many fliers do you think the automobile dealership sent out? b. Using your anewer to (a) and the probabilses listed on the fier what is the axpected value of the prize won by a prospective customer receiving a le? (Round to the nearest cent as needed) d. Do you think this is an effective promotion? Why or why not? A-No The promotion not turra pront regardess of how many customers redeeming fiers make a purchase O B. No. The promation will only tum a proft if the cu . Yes The promotion wd turn a proe" the customers redeeming fiers make an average purchase greater than 0 D. Yes The promotion wd turn a profit if any ofthe customers redeeming fliers make a purchase which is kely s redeeming fiers make an average purchase less than the expected value of the prize won, which is unikely expected value the prize won, which is likely Type here to searchExplanation / Answer
a) Number of fliers sent = 31719
b) expected value of prize won = (1/31719)*30000 + (1/31719)*150 + (31717/31719)*5 = $ 5.95
d) Option C is correct.
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