Module 3 HW.docx - IHP 525 Module Three Problem Set 1 What...

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IHP 525 Module Three Problem Set 1. What is the probability of being born on: February 28 th = 1 time per 365 days Year 4= 366 days. a) February 28? Leap year 1/366 Non-Leap year 1/365 b) February 29? 1/366 0.0027 c) February 28 or February 29? 1/366 + 1/366 = 2/366 0.0054 2.A patient newly diagnosed with a serious ailment is told he has a 60% probability of surviving 5 or more years. Let us assume this statement is accurate. Explain the meaning of this statement to someone with no statistical background in terms he or she will understand. 3. A lottery offers a grand prize of $10 million. The probability of winning this grand prize is 1 in 55 million (about 1.8x10 -8 ). There are no other prizes, so the probability of winning nothing = 1 – (1.8x10 - 8 ) = 0.999999982. The probability model is: Winnings ( X ) 0 $10 x 10 6 P( X = x i ) 0.999999982 1.8 x 10 -8 a) What is the expected value of a lottery ticket?
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  • Fall '16
  • Victor Heh

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