Question 1079820: at the beginning of each month, the president of a small manufacturing company decides whether to spend a $1000 or $2000 on advertising for the month. suppose she makes a decision by tossing a coin.
a) what is the probability that she will spend $3000 on advertising during the first three consecutive months of this year?
b) what is the probability that she will spend more than $4000 on advertising during the first three consecutive months of this year?
c) what is the probability that she will spend more than $3000 on advertising for the three consecutive months of this year?
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! let $1000 be heads and $2000 be tails
For the first 3 months needs 3 heads or 1/8 probability.
More than $4000 means $5000 or $6000: the latter is 3 tails (1/8), the other is 2 tails and a head, or 3/8. The probability is 1/2.
More than $3000 includes $4000, so it would include 2 heads and a tail, which is another 3/8, so that probability would be 7/8.
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