Math

ProbabilityQ&A LibraryA radio station is having a contest. There is a vacation package worth $15,000. Three prizes are gift cards to a coffee shop worth $1000 each. Five prizes provided tutoring for your math course, worth$500 each.(a) Compute the expected value for this contest, assuming 10,000 people enter this contest.(b) What are the odds for winning the vacation package?Question

Asked Feb 13, 2020

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Step 1

Vacation package worth $15,000

Coffee shop worth $1000

Tutoring math course worth $500

No of people = 10000

Probability of wining vacation package = 1/10000

Probability of winning coffee shop gift cards = 3/10000

Probability of winning gift for math prize = 5/10000

a)

Expected value for ...

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