Question

3. The following table lists the probability distribution for cash prizes in a lottery conducted at Lawsons Department Store; Prize(S) Probability 0.45 0.30 100 0.20 500 0.05 If you buy a single ticket, what is the probability that you will win: 10 a. Exactly $100? b. At least $10? c. No more than $100? d. Compute the mean, variance, and standard deviation of this distribution. 4. In a binomial situation, n = 4 and p = 0.25. Determine the probabilities of the following events using the binomial formula: 5. A recent survey of first-year college students found that 23% choose accounting as their major. Suppose that we select a sample of 15 first-year students. a. What is the probability that two chose accounting? b. What is the probability that five chose accounting? c. How many of the 15 would you expect to choose accounting?

Answer 1

a) P(X = $100) = 0.2

b) P(X greater than equal to $10) = 1 - P(X less than $10)

P(X greater than equal to $10) = 1 - P(X = $0)

P(X greater than equal to $10) = 1 - 0.45 = 0.55

c) P(X no more than $100) = 1 - P(X > $100)

P(X no more than $100) = 1 - P(X = $500)

P(X no more than $100) = 1 - 0.05 = 0.95

d)

Since we know that,

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