Question

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 ​$20000​, a ​$75 gas​ card, or a ​$5 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 31145​, the chance of winning the gas card was 1 out of 31145 comma and the chance of winning the shopping card was 31143 out of 31145. Complete parts​ (a) through​ (c).

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? ​(Round to the nearest cent as​ needed.)

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? ​(Round to the nearest cent as​ needed.)

Answer 1