M&Ms the Mars Candy Company Starts a Marketing Campaign That

question 28

Essay

M&Ms The Mars candy company starts a marketing campaign that puts a plastic game piece in each bag of M&Ms. 25% of the pieces show the letter "M", 10% show the symbol "&", and the rest just say "Try again". When you collect a set of three symbols "M", "&", and "M" you can turn them in for a free bag of candy. About how many bags will a consumer have to buy to get a free one? Use a simulation to find out.
a. Explain how you will use the random numbers listed below to conduct your simulation.
b. Carefully label your simulation for 2 trials. $\begin{array}{|c|lllll|l|}\hline \text { Trial \# } &&&{\text { The run }} &&& \text { Outcome } \\\hline 1 & 69074 & 91976 & 33584 & 94138 & 87637 & \\\hline 2 & 48324 & 77928 & 31249 & 64710 & 02295 & \\\hline\end{array}$
c. State your conclusion.

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Definitions:

Estimated Average Annual Income

An approximation of how much money an individual, business, or asset is expected to generate over a year.

Average Investment

A calculation used in finance to determine the average amount invested over a period, often used in evaluating the return on an investment.

Discount Period

The time frame within which a buyer can pay less than the full invoice amount as an incentive for early payment, reducing the sale price of goods sold.

Amount Invested

The total sum of funds or assets placed into investments such as stocks, bonds, or real estate, by an individual or entity.