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
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-> 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
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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?
