A contest is such that 6% of the entries win a small prize and 1% win a large pr
ID: 3382248 • Letter: A
Question
A contest is such that 6% of the entries win a small prize and 1% win a large prize. SHOW ALL WORK AND CALCULATIONS!
A. Find the odds in favor of winning a large prize from a single entry.
B. If a small prize is $5, a large prize is worth $50, and each entry costs $2; find the expected vaule of a player's profit.
C. Find the probability that a player wins a large or small prize in a purchase of one entry.
D. Find the probability that a player will win at least 1 small prize in a purchase of 10 entries. Use and show formulas.
E. Find the mean and standard deviation for the number of large prizes won from a random sample of 800 entries.
F. Use a normal distribution to approximate the probability that a player wins more than 10 large prizes in a purchase of 800 entries. USE CALCULATOR and show work!
Explanation / Answer
A contest is such that 6% of the entries win a small prize and 1% win a large pr
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