SOLUTION: please help......In a game of chance, participants reach into a box and draw out a bill. If 20%of the bills in the box are ten dollar bills, what is the probability that the playe

Click here to see ALL problems on Probability-and-statistics

Question 322382: please help......In a game of chance, participants reach into a box and draw out a bill. If 20%of the bills in the box are ten dollar bills, what is the probability that the player will draw a ten dollar bill
A. on his first draw binomcdf
B. on his fourth draw
C. on either his third or fourth draw
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website!
In a game of chance, participants reach into a box and draw out a bill. If 20%of the bills in the box are ten dollar bills, what is the probability that the player will draw a ten dollar bill
----
Assuming the bills are replaced after each draw you get:
A. on his first draw: 0.2
B. on his fourth draw 0.8^3*0.2 = 0.1024
C. on either his third or fourth draw 0.8^2*0.2 + 0.1024 = 0.2304
===================================
Cheers,
Stan H.