Question:

In a certain weekday television show, the winning contestant has to choose randomly from 20 boxes, one which contains a major prize of $100,000. What is the probability that, during a week,

1. no contestant wins the major prize?
2. exactly one contestant wins the major prize?
3. no more than two contestants win the major prize?
4. at least three contestants win the major prize?
5. Calculate the expected number and the standard deviation of winners in a week.
6. How much should the producers budget for major prizes per week?

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document