A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: an automobile valued at $, a $ gas card, or a $ shopping card. To claim his or her prize, a prospective customer needed to present the flier at the dealership's showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of , the chance of winning the gas card was 1 out of and the chance of winning the shopping card was out of 31,866, the chance of winning the gas card was 1 out of 31,866, and the chance of winning the shopping card was 31,864 out of 31,866. Required:
a. How many fliers do you think the automobile dealership sent out?
b. Using your answer to (a) and the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier?
c. Using your answer to (a) and the probabilities listed on the flier, what is the standard deviation of the value of the prize won by a prospective customer receiving a flier?

(a) 31101

(b) $5.65

(c) $113.38

Step-by-step explanation:

The complete question is:

A regional automobile dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes: an automobile valued at $20,000, a $125 gas card, or a $5 shopping card. To claim his or her prize, a prospective print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 31,101, the chance of winning the gas card was 1 out of 31,101, and the chance of winning the shopping card was 31, 099 out of 31,101.

Solution:

The information provided is as follows:

(a)

The number of fliers the automobile dealership sent out is, n = 31,101.

This is because the probability of winning any of the three prize is out of 31,101.

(b)

Compute the expected value of the prize won by a prospective customer receiving a flier as follows:

Thus, the expected value of the prize won by a prospective customer receiving a flier is $5.65.

(c)

Compute the standard deviation of the prize won by a prospective customer receiving a flier as follows:

Thus, the standard deviation of the prize won by a prospective customer receiving a flier is $113.38.

let m = monomial

let t = trinomial

so, m times t = t.

monomial times a trinomial = another trinomial.