a3 - MATH 1131: ASSIGNMENT 3 1. A large video rental chain...

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MATH 1131: ASSIGNMENT 3 1. A large video rental chain recently decided to change its rental policy, allowing an unlim- ited return date instead of requiring that movies be returned the next day. The marketing team reasoned that this would greatly increase the popularity of their stores, and also that 80% of people would return their movies within 2 days regardless. a. Suppose that that a specific store has 5 copies of “The Princess Bride”, and rents them all on a Saturday. What is the probability that all 5 copies are returned by Monday? b. The same store rented 250 movies in total that Saturday. What is the probability that at least 75% of these movies were returned by Monday? 2. A popular casino in Windsor estimates that the chance that someone sitting at one of their Black Jack tables has a 0.35 probability of winning a given hand. Assume that all games played are independent. a. Isaac decides to play until his first win, and bets $50 per game. When he wins, he will win $100. What is Isaac’s expected net gain/loss from this strategy?
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This note was uploaded on 12/22/2010 for the course MATHEMATIC Math 1131 taught by Professor Augustinewong during the Spring '10 term at York University.

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a3 - MATH 1131: ASSIGNMENT 3 1. A large video rental chain...

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