Score: 0 of 1 pt 20 of 20 (12 complete) HW Score: 55%, 11 of 20 pts Bus Econ 8.3
ID: 2907197 • Letter: S
Question
Score: 0 of 1 pt 20 of 20 (12 complete) HW Score: 55%, 11 of 20 pts Bus Econ 8.3.83 Question Help If a salesperson has gross sales of over $600,000 in a year, then he or she is eligible to play the company's bonus game: A black box contains 3 one-dollar bills, 1 five-dollar bill and 1 twenty-dollar bill. Bills are drawn out of the box one at a time without replacement until a twenty-dollar bill is drawn. Then the game stops. The salesperson's bonus is 1,000 times the value of the bills drawn. Complete parts (A) through (C) below. (A) What is the probability of winning a $23,000 bonus? (Type a decimal or a fraction. Simplify your answer.)Explanation / Answer
To win a bonus of $23,000, the salesperson should draw total of 23 dollar bill from the box.
As there are 3 one-dollar, 1 five-dollar and 1 twenty-dollar bill.
The first three bills drawn should be one-dollar bills each and then a twenty-dollar bill for a total of 23 dollar. (This is the only possible case to make a total of 23 dollar from the available bills in the box)
Probability of first bill to be one-dollar bill = 3/5
Probability of second bill to be one-dollar bill = 2/4
Probability of third bill to be one-dollar bill = 1/3
Probability of fourth bill to be twenty-dollar bill = 1/2
Thus, total probability = (3/5) × (2/4) × (1/3) × (1/2) = 1/20
(A)The probability of winning a $23,000 bonus = 0.05
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