SOLUTION: Q1. In a certain weekday television show, the winning contestant has to choose randomly from 20 boxes, one of which contains a major prize of $100,000. a. What is the probability

Question 779123: Q1. In a certain weekday television show, the winning contestant has to choose randomly from 20 boxes, one of which contains a major prize of $100,000.
a. What is the probability that, during a week (i.e., Monday to Friday - five shows per week),
i. No contestants win the major prize?
ii. Exactly one contestant wins the major prize?
iii. No more than two contestants win the major prize?
iv. At least three contestants win the major prize?
b. Calculate the expected number and standard deviation of the winners in a week.
c. How much should the producers budget for major prizes per week?

Answer by psbhowmick(878) (Show Source): You can put this solution on YOUR website!
I have the answer ready for this full assignment. If you want the answers send me an email.
RELATED QUESTIONS
Question 1 (7 marks = Tables (2 marks) + Graphs (3 marks) + Numerical (1 mark) + Summary... (answered by psbhowmick)

Consider a state lottery that has a weekly television show. On this show, a contestant... (answered by stanbon)

on a reality show a contestant must randomly choose enough people to go into a room so... (answered by stanbon)

a contestant on a game show has a 1 in 6 chance of winning for each try. if the... (answered by Fombitz)

A company manufactures both liquid crystal display (LCD) and plasma televisions. The cost (answered by Fombitz)

A company that makes corn flex is putting prize coupons in some of the boxes to as a... (answered by ikleyn)

A company that makes corn flex is putting prize coupons in some of the boxes to as a... (answered by greenestamps)

The organisers of a TV game show think that the probability of any contestant winning a... (answered by stanbon)

Q1) The diameter of a wheel from a certain plant may be considered to be normally... (answered by psbhowmick)