Quincy is opening his account on the first day of a special promotion. For every $500 that a customer opens an account with, the customer draws, and keeps, one ticket from a bin. At the beginning of the day, the bin has100 tickets for a free pen set, 20 tickets for a $10 bonus, 5 tickets for a $50 bonus, and 75 tickets that wish the customer better luck next time.
a.)Quincy opened his account with $1500. He is the first customer to draw cards from the bin. What is the probability that he gets nothing, other than good-luck wishes, on all his draws? Show your work. Express the probability as a percent, rounded to the nearest tenth.
b.)Quincy walked away from the bin with nothing but tickets wishing him better luck next time. The next customer drawing from the bin opened an account with enough money to draw one ticket. What is the probability, as a percent rounded to the nearest tenth, that she draws a ticket for a $50 bonus? Explain.
