Topic Hypergeometric Probability Distribution Show development for the solution Suppose 500 lottery tickets are sold and among them 200 pay at least the cost of the ticket. Suppose you buy 5 tickets. a) Find the probability that you win at least the cost of 3 tickets. Hint: prove that if the binomial

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter14: Counting And Probability
Section14.4: Expected Value
Problem 21E
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Topic Hypergeometric Probability Distribution

Show development for the solution

Suppose 500 lottery tickets are sold and among them 200 pay at least the cost of the ticket. Suppose you buy 5 tickets.

a) Find the probability that you win at least the cost of 3 tickets. Hint: prove that if the binomial distribution is used the result is 0.3174 (31.74%); but if the hypergeometric distribution is used, 0.3167 (31.67%) is obtained. Comment on these results.

b) What is the expected number of tickets that must be purchased to obtain one that pays at least its value? What is the value of the standard deviation?

Topic Hypergeometric Probability Distribution
Show development for the solution
Suppose 500 lottery tickets are sold and among them 200 pay at least the cost of the ticket. Suppose you
buy 5 tickets.
a) Find the probability that you win at least the cost of 3 tickets. Hint: prove that if the binomial
distribution is used the result is 0.3174 (31.74%); but if the hypergeometric distribution is used, 0.3167
(31.67%) is obtained. Comment on these results.
b) What is the expected number of tickets that must be purchased to obtain one that pays at least its
value? What is the value of the standard deviation?
Transcribed Image Text:Topic Hypergeometric Probability Distribution Show development for the solution Suppose 500 lottery tickets are sold and among them 200 pay at least the cost of the ticket. Suppose you buy 5 tickets. a) Find the probability that you win at least the cost of 3 tickets. Hint: prove that if the binomial distribution is used the result is 0.3174 (31.74%); but if the hypergeometric distribution is used, 0.3167 (31.67%) is obtained. Comment on these results. b) What is the expected number of tickets that must be purchased to obtain one that pays at least its value? What is the value of the standard deviation?
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