A cereal company puts a Star Wars toy watch in each of its boxes as a sales
Question:
a. You decide to buy 100 boxes of cereal from the warehouse store to be on the safe side. What is the probability you don't find any Obi Wan watches?
b. What is the expected number of Obi Wan watches you will find in the 100 boxes?
c. If each box of cereal costs $3.50, and you believe the value of an Obi Wan watch will be approximately $50 in a few years, are you doing a smart thing by purchasing 100 boxes? (Think about the expected value for the cost and the profit.)
d. How many boxes of cereal would you need to buy to be at least 95% sure of finding at least 1 Obi Wan watch?
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a b EX 10002 20 c Total cost is 3...View the full answer
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Related Book For 
Introduction to Probability
ISBN: 978-0716771098
1st edition
Authors: Mark Daniel Ward, Ellen Gundlach
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