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Showing posts with label Math Applications. Show all posts
Showing posts with label Math Applications. Show all posts
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Probability Part 4 - Practice Problems and Answers (#18)
Problems:
In a lottery game, a player picks six numbers from 1 to 48. If 5 of the 6 numbers match those drawn, the player wins second prize. What is the probability of winning this prize?
Compute the probability that a 5-card poker hand is dealt to you that contains four aces?
A company estimates that 0.7% of their products will fail after the original warranty period but within two years of the purchase, with a replacement cost of $350. If they offer a 2 year extended warranty for $48, what is the company’s expected value of each warranty sold?
Answers:
In a lottery game, a player picks six numbers from 1 to 48. If 5 of the 6 numbers match those drawn, the player wins second prize. What is the probability of winning this prize?
Compute the probability that a 5-card poker hand is dealt to you that contains four aces?
A company estimates that 0.7% of their products will fail after the original warranty period but within two years of the purchase, with a replacement cost of $350. If they offer a 2 year extended warranty for $48, what is the company’s expected value of each warranty sold?
Answers:
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