A scratch-off card at Burger King gave the information contained in the display below. All cards...
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A scratch-off card at Burger King gave the information contained in the display below. All cards were potential winners. In order to actually win the prize, the player had to scratch off a winning path without making a false step. The probability of doing this was given as 1/5 for the food item and 1/10 for any nonfood item. So, for example, to win the prize worth $1 million, you must first get the card for $1 million and then scratch off the correct path without making a mistake. Value of Prize ($) | Number of Game Cards 1000000 1 500000 2 (house) 200000 1 100000 40 (car) 16619 75 10000 50 (cruise) 2900 150 1000 200 100 5000 10 10000 196000000 (food item) 0.73 a. What is the total value of all the potential prizes? $ Round the answer to the nearest cent. b. What total amount did Burger King expect to pay out? $ Round the answer to the nearest cent. c. What is the expected value of a card? $ Round the answer to the nearest cent. A scratch-off card at Burger King gave the information contained in the display below. All cards were potential winners. In order to actually win the prize, the player had to scratch off a winning path without making a false step. The probability of doing this was given as 1/5 for the food item and 1/10 for any nonfood item. So, for example, to win the prize worth $1 million, you must first get the card for $1 million and then scratch off the correct path without making a mistake. Value of Prize ($) | Number of Game Cards 1000000 1 500000 2 (house) 200000 1 100000 40 (car) 16619 75 10000 50 (cruise) 2900 150 1000 200 100 5000 10 10000 196000000 (food item) 0.73 a. What is the total value of all the potential prizes? $ Round the answer to the nearest cent. b. What total amount did Burger King expect to pay out? $ Round the answer to the nearest cent. c. What is the expected value of a card? $ Round the answer to the nearest cent.
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Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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