Question

eBook Problem 3-05 (Algorithmic) Brandon Lang is a creative entrepreneur who has developed a novelty soap item called Jackpot to target consumers with a gambling habit. Inside each bar of Jackpot shower soap is a single rolled-up bill of U.S. currency. The currency (rolled up and sealed in shrinkwrap) is appropriately inserted into the soap mixture prior to the cutting and stamping procedure. The distribution of paper currency (per 1000 bars of soap) is given in the following table Distribution of Paper Currency Prizes Bill Denomination $1 $5 $10 $20 $50 $100 Number of Bills 520 260 120 70 29 Total 1000 a. What is the expected amount of money in a single bar of Jackpot soap? If required, round your answer to two decimal places. Expected value 5.97 b. What is the standard deviation of the money in a single bar of Jackpot soap? If required, round your answer to two decimal places. Standard ceviation9.69 c. How many bars of soap would a customer have to buy so that, on average, he or she has purchased three bars containing a $10 or $20 bill? If required, round up your answer to the next whole number Number of bars of soap 19 X d. If a customer buys 5 bars of soap, what is the probablility that at least one of these bars contains a bill of $20 or larger? If required, round your answer to four decimal places. Probability

Answer 1

Solutian! a) what is the expeckel arrount of maney in a ourd youwn arswe to tuo decimal Places Expecked roney of single bas E (X): Xp(x)-(1%, e-520 ) + (5XO,260) + ( ION 120)+(20 ,070) t(50 % 0 ,02*) +Cloo#0.001 ) b)what is the Staundaord devation af the money in a single ba,10- jackpot saap? decimal places Stardand deviaton of Single br 2 E CX): ΣΧ2.peul 디29. 52 Standand oard deviat'am 9.68

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