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hape Media Comment Simulation and Expected Values: 1. Yale Law School says 74% of their students pass the bar exam on their first try. a) To simulate passing students, we could assign the random digits as (pick the one option from a that is correct): a. 00 to 49 = pass first try, 50 to 99 = fail first try b. 0 to 7 = pass first try, 8 to 9 = fail first try c. 00 to 73 = pass first try, 74 to 99 = fail first try d. 0 to 4 = pass first try, 5 to 9 = fail first try Using the random digit assignment from part a), and starting at line 106 simulate a class of 20 students. Student 1 2 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Random digit Pass or fail b) Which students was the first in the list to fail the exam? I c) What percentage of these 20 students passed on their first try? d) How does that percentage compare to 74% we set up as our probability model? If there is a difference, why do you think that is? 2. The following is a probability distribution for the number of credit cards a person has. Number of Credit Cards 0 1 2 3 4 5 Probability: 0.20 0.30 0.20 0.15 0.10 0.05 a) Calculate the expected value or average number of credit cards a person has. b) Interpret what that expected value mean in context to this scenario. 3. The Red Cross is selling raffle tickets as a fund raiser. They have 10,000 tickets to sell for $1 cach. They will draw 3 winners after all the tickets are sold. The first place winner will receive $750, second place winner will get $500 and the third place winner gets $250. a) Using the information above fill in the probability model in the table below: Prize: First Place Second Place Third Place None Amount: SO Probability: b) Calculate the expected value of a ticket? c) Interpret what that expected value mean in context to this scenario. d) How much money will the Red Cross have raised when the raffle is done