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 ​$23000, 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 31,454​, the chance of winning the gas card was 1 out of 31,454 and the chance of winning the shopping card was 31,452 out of 31,454. Complete parts​ (a) through​ (d)

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?

d. Do you think this is an effective​ promotion? Why or why​ not?

PLEASE SHOW ME THE EXCEL FORMULAS FOR THE ABOVE a-d....

Answer 1

(a) 31454

(b) 5.73

(c) 129.66

(d) Yes, it is effective.

The formulas are: