You decide to play monthly in two different lotteries. Your plan is to stop playing as soon as you win a at least one million dollars. (Note: This…

You decide to play monthly in two different lotteries. Your plan is to stop playing as soon as you win a at least one million dollars. (Note: This….

You decide to play monthly in two different lotteries. Your plan is to stop playing as soon as you win a at least one million dollars. (Note: This money could come from winning one or both of the lotteries you have been playing.)

Suppose every time you play the probability of winning at least a million dollars is p1

 for the first lottery and p2

 for the second lottery.

Let M be the number of times you participate in these lotteries until you win at least one million dollars.

What kind of distribution does M have, and what are the relevant parameters?

You decide to play monthly in two different lotteries. Yourplan is to stop playing as soon as you win a at least onemillion dollars. (Note: This money could come from winningone or both of the lotteries you have been playing.) Suppose every time you play the probability of winning atleast a million dollars is 1:11 for the first lottery and pa forthe second lottery. Let M be the number of times you participate in theselotteries until you win at least one million dollars. What kind of distribution does M hayer and what are therelevant parameters? 0 Geometric with parameter: p = 321 + 3212 — mm 0 Geometric with parameter: p = [1 — p1}[1 — pg} 0 Binomial with parameters N = 12 anda = 1— [1 —a1)[1 —a2) D Binomial with parameters: N = 12 and p = 131132 0 This problem does not fit a distribution we have coyered inclass.

You decide to play monthly in two different lotteries. Your plan is to stop playing as soon as you win a at least one million dollars. (Note: This…