Question Help A dealership sent out fliers to prospective cu

Question Help A dealership sent out fliers to prospective customers indicating that they had already won one of three different prizes. The three prices are either a new car valued at $14,400, a $550 gas card, or a $5 gift cardTo claim his or her prize, a prospective customer needed to present the flier at the dealership\'s showroom. The fine print on the back of the flier listed the probabilities of winning. The chance of winning the car was 1 out of 13,441, the chance of winning the gas card was 1 out of 13,441, and the chance of winning the gift card was 13,439 out of 13,441. Complete parts (a) and (b) a. Using the probabilities listed on the flier, what is the expected value of the prize won by a prospective customer receiving a flier? -SL (Round to the nearest cent as needed.)

Solution

Expected value is $6.11

Amount	Probability	Amount *Probability
14400	1/13441=0.000074	1.071349
550	1/13441 = 0.000074	0.04092
5	13439/13441=0.999851	4.999256
	1	6.111524