Question

Asked Oct 24, 2019

62 views

Brandon Lang is a creative entrepreneur who has developed a novelty soap item called Jackpot to target consumers with a gambling habit. Inside each bar of Jackpot soap is a single rolled-up bill of U.S. currency. The currency (rolled-up and sealed in shrink wrap) is appropriately inserted into the soap mixture prior to the cutting and stamping procedure. The distribution of paper currency (per 1000 bars of soap) is given in the following table

Distribution of Paper Currency Prtizes

Bill Denomination Number of Bills

$1 520

$5 260

$10 120

$20 70

$50 29

$100 1

Total 1000

a. What is the expected amount of money in a single bar of Jackpot soap?

b. What is the standard deviation of the money in a single bar of Jackpot soap?

c. How many bars of soap would a customer have to buy so that, on average, he or she has purchased three bars containing a $50 or $100 bill?

d. If a customer buys 8 bars of soap, wht is the probability that at least one of these bars contains a bill of $20 or larger?

1 Rating

Step 1

Hello there! there are more than three subparts in the question. According to our policies we cannot answer more than three sub parts in one question. So please find the solution for a,b,c parts of the question. If you have doubts in remaining part of the question kindly make a new request, mentioning the part in which you need help.

Given data and calculation for probability, mean and standard deviation is shown below

Step 2

**c)** no of bars of soap a customer have to buy so that, on average, he or she has ...

Tagged in

Find answers to questions asked by student like you

Show more Q&A

Q: Can you answer this question please?

A: Hey, since there is multiple sub part questions posted, we will answer first three sub part question...

Q: A couple wants to have 2 boys and 2 girls. They will continuous to have children until they have rea...

A: Hello there! there are more than three subparts in the question. According to our policies we cannot...

Q: what is the mean and standard deviation of the following sample: 18, 1, 5, 1, 5

A: Solution:The mean is obtained below:The sample mean is 6.

Q: Can you answer this question please?

A: Box and whisker plot:A type of graph used to display patterns of quantitative data is called a boxpl...

Q: I have no idea how to solve this. This was not covered at all in my text.

A: From the given information, the mean annual salary for employees at a company is $39,000, each emplo...

Q: An independent-measures study with n = 6 in each sample produces a sample mean difference of 4 point...

A: It is given that the difference in sample means, (X1-bar – X2-bar) = 4. The sample size is n1 = n2 =...

Q: Kurtis is a statistician who claims that the average salary of an employee in the city of Yarmouth i...

A: From the given information, the null and alternative hypotheses are: Null hypothesis: H0: μ ≤ $55,00...

Q: Please help with question 3D. Thank you

A: 3d) The probability that Sam ends the year ahead is 0.5079 and it is obtained below: From the given ...

Q: Find ? such that the proportion of observations that are less than ? in a standard normal distributi...

A: z-left tailed value:The area left to the particular point in the standard normal distribution is 0.2...