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Problem 2: Consider a sequence of independent trials each having a probability p (with 0 < p < 1) of selecting some household whose wealth exceeds 100 Million dollars. Let X denote the number of trials it takes to observe some household whose wealth exceeds 100 Million dollars. (a) Find the support of X. (b) Find the PDF of X (c) Suppose p = 0.01. How many trials can you expect for finding some household whose wealth exceeds 100 Million dollars? (Hint: the derivative of Σί, zj is Σ_ljaj-l provided lxl < 1).

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