Florida Lottery Let A denote the event of placing a $1 straight bet on the Florida Play 4 lottery and winning. The chance of event A occurring is 1 in 10,000. What is the value of P(A)? What is the value of P ( A ) ?
Read moreTable of Contents
Textbook Solutions for Elementary Statistics
Question
Using Probability to Identify Unlikely Events. In Exercises 2936, consider an event to be unlikely if its probability is less than or equal to 0.05. (This is equivalent to the same criterion commonly used in inferential statistics, but the value of 0.05 is not absolutely rigid, and other values such as 0.01 are sometimes used instead.)Credit Card Purchases In a survey, 169 respondents say that they never use a credit card, 1227 say that they use it sometimes, and 2834 saythat they use it frequently. What is the probability that a randomly selected person uses a credit card frequently? Is it unlikely for someone to use acredit card frequently? How are all of these results affected by the fact that the responses were obtained by those who decided to respond to the surveyposted on the Internet by America OnLine?
Solution
The first step in solving 4-2 problem number 30 trying to solve the problem we have to refer to the textbook question: Using Probability to Identify Unlikely Events. In Exercises 2936, consider an event to be unlikely if its probability is less than or equal to 0.05. (This is equivalent to the same criterion commonly used in inferential statistics, but the value of 0.05 is not absolutely rigid, and other values such as 0.01 are sometimes used instead.)Credit Card Purchases In a survey, 169 respondents say that they never use a credit card, 1227 say that they use it sometimes, and 2834 saythat they use it frequently. What is the probability that a randomly selected person uses a credit card frequently? Is it unlikely for someone to use acredit card frequently? How are all of these results affected by the fact that the responses were obtained by those who decided to respond to the surveyposted on the Internet by America OnLine?
From the textbook chapter Basic Concepts of Probability you will find a few key concepts needed to solve this.
Visible to paid subscribers only
Step 3 of 7)Visible to paid subscribers only
full solution