Question
In: Statistics and Probability
A creative entrepreneur has created a novelty soap called Jackpot. Inside each bar of Jackpot soap...
A creative entrepreneur has created a novelty soap called Jackpot. Inside each bar of Jackpot soap is a rolled-up bill of U.S. currency. There are 1,000 bars of soap in the initial offering of the soap. Although the denomination of the bill inside a bar of soap is unknown, the distribution of bills in these first 1,000 bars is given in the following table: Bill Denomination Number of Bills $1 520 $5 260 $10 130 $20 60 $50 29 $100 1 Total 1,000 After the sale of the original 1,000 bars of soap, Jackpot soap went viral, and the soap has become wildly popular. Production of the soap has been ramped up so that now millions of bars have been produced. However, the distribution of the bills in the soap obeys the same distribution as outlined above. On average, how many bars of soap will a customer have to buy before purchasing three bars of soap each containing a bill of at least $20 value? (Hint: Review Appendix 11.1 for descriptions of various types of probability distributions.) Round your answer to one decimal place.
Solutions
orchestra answered 1 year agoRelated Solutions
Brandon Lang is a creative entrepreneur who has developed a novelty soap item called Jackpot to...
Brandon Lang is a creative entrepreneur who has developed a
novelty soap item called Jackpot to target consumers with a
gambling habit. Inside each bar of Jackpot shower soap is a single
rolled-up bill of U.S. currency. The currency (rolled up and sealed
in shrinkwrap) is appropriately inserted into the soap mixture
prior to the cutting and stamping procedure. The distribution of
paper currency (per 1000 bars of soap) is given in the following
table. Distribution of Paper Currency Prizes...
Problem 3-05 (Algorithmic) Brandon Lang is a creative entrepreneur who has developed a novelty soap item...
Problem 3-05 (Algorithmic) Brandon Lang is a creative
entrepreneur who has developed a novelty soap item called Jackpot
to target consumers with a gambling habit. Inside each bar of
Jackpot shower soap is a single rolled-up bill of U.S. currency.
The currency (rolled up and sealed in shrinkwrap) is appropriately
inserted into the soap mixture prior to the cutting and stamping
procedure. The distribution of paper currency (per 1000 bars of
soap) is given in the following table. Distribution of...
(All answers were generated using 1,000 trials and native Excel functionality.) A creative entrepreneur has created...
(All answers were generated using 1,000 trials and native Excel
functionality.)
A creative entrepreneur has created a novelty soap called
Jackpot. Inside each bar of Jackpot soap is a rolled-up bill of
U.S. currency. There are 1,000 bars of soap in the initial offering
of the soap. Although the denomination of the bill inside a bar of
soap is unknown, the distribution of bills in these first 1,000
bars is given in the following table:
Bill Denomination
Number of Bills...
A rigid tank of volume 0.63 m3 initially has some air inside at 0.5 bar and...
A rigid tank of volume 0.63 m3 initially has some air inside at
0.5 bar and 300 K. A hole develops in the wall, and air from the
surroundings at 1 bar, 300 K flows in until the pressure in the
tank reaches 1 bar. Heat transfer between the contents of the tank
and the surroundings is negligible. Determine the final temperature
in the tank, in K. What is the entropy generation of the process?
(Please treat the air as...
A rigid tank of volume 0.63 m3 initially has some air inside at 0.5 bar and...
A rigid tank of volume 0.63 m3 initially has some air inside at
0.5 bar and 300 K. A hole develops in the wall, and air from the
surroundings at 1 bar, 300 K flows in until the pressure in the
tank reaches 1 bar. Heat transfer between the contents of the tank
and the surroundings is negligible. Determine the final temperature
in the tank, in K. What is the entropy generation of the
process?
(Please treat the air as...
A rigid tank of volume 0.63 m3 initially has some air inside at 0.5 bar and...
A rigid tank of volume 0.63 m3 initially has some air inside at
0.5 bar and 300 K. A hole develops in the wall, and air from the
surroundings at 1 bar, 300 K flows in until the pressure in the
tank reaches 1 bar. Heat transfer between the contents of the tank
and the surroundings is negligible. The final temperature is 350 K.
Use the transient state entropy balcance to find the entropy
generation of the process
A slot machine has 5 reels each with 9 symbols one of which is a Jackpot....
A slot machine has 5 reels each with 9 symbols one of which is a
Jackpot.
How many different outcomes will occur after one spin?
What is the possibility of atleast one jackpot?
What is the possibility of no jackpots?
What is the possibility of 3 jackpots?
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard...
Dawson Toys, Ltd., produces a toy called the Maze. The company
has recently created a standard cost system to help control costs
and has established the following standards for the Maze toy:
During July, the company produced 3,000 Maze toys. The toy’s
production data for the month are as follows: Direct materials:
25,000 microns were purchased at a cost of $1.48 per micron. 5,000
of these microns were still in inventory at the end of the month.
Direct labor: 4,000...
2. Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a...
2. Dawson Toys, Ltd., produces a toy called the
Maze. The company has recently created a standard cost system to
help control costs and has established the following standards for
the Maze toy:
Direct materials: 7 microns per toy at $0.30 per micron
Direct labor: 1.1 hours per toy at $7.00 per hour
During July, the company produced 4,900 Maze toys. The toy's
production data for the month are as follows:
Direct materials: 80,000 microns were purchased at a
cost...
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard...
Dawson Toys, Ltd., produces a toy called the Maze. The company
has recently created a standard cost system to help control costs
and has established the following standards for the Maze toy:
During July, the company produced 3,000 Maze toys. The toy’s
production data for the month are as follows: Direct materials:
25,000 microns were purchased at a cost of $1.48 per micron. 5,000
of these microns were still in inventory at the end of the month.
Direct labor: 4,000...
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