one customer has two chances to receive a prize. if the customer keeps the higher of the two prizes awarded, what is the probability the customer will receive at least $100?

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13-10-2022
Mathematics

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one customer has two chances to receive a prize. if the customer keeps the higher of the two prizes awarded, what is the probability the customer will receive at least $100?

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melrebecca74 melrebecca74 · Answer 1 · 2022-10-22T17:49:09-04:00

If the customer keeps the higher of the two prizes awarded, the probability the customer will receive at least $100 is 0.10

The probability that the customer will receive at least $100, P(X>100) is obtained below:

The probability that the customer will receive at least $100 is obtained by adding the corresponding probabilities of X=100 and, X=1000

Given from the table of probabilities, P(X=100)=0.08, and P(X=1,000)

P[X>100]=P(X=100)+P(X=1,000)

=0.08+0.02

=0.10

The question is incomplete, the complete question is given below:

A real estate developer is awarding one of four prizes to customers who view new properties. The prizes are awarded randomly through drawings. Prize values and their associated probabilities follow:

PRIZE VALUE PROBABLITY