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15.3 Exercise 32

Avg difficulty 2.5

The number N of bids on a painting is binomial (10,0.3)\left(10 , 0 . 3\right). The bid amounts (in thousands of dollars) Yi form an iid class, with common density function fY(t)=0.005(37-2t)f_{Y} \left(t\right) = 0 . 005 \left(37 - 2 t\right)2≤t≤102 \leq t \leq 10. What is the probability that the maximum amount bid is greater than $5,000?

Pfeiffer, Applied Probability, 15.3 Problems on Random Selection, exercise 32

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Adapted from Applied Probability © 2009 Paul E. Pfeiffer. Licensed under CC BY 3.0. Source: Applied Probability. Imported at revision d7a0420.