Question

A lottery offers one $1000 prize, one $600 prize, two $300 prizes, and five $200 prizes....

A lottery offers one $1000 prize, one $600 prize, two $300 prizes, and five $200 prizes. One thousand tickets are sold at $6 each. Find the expectation if a person buys three tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems.

The expectation if a person buys three tickets is $_______

please show work!

thank you!

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
a lottery offers one $800 prize one $700 prize two $300 prizes and five $100 prizes....
a lottery offers one $800 prize one $700 prize two $300 prizes and five $100 prizes. One thousand tickets are sold at $5 each. find the expectation if a person buys two tickers. assume that the players ticket is replaced after each draw and that the same ticket can win more than one prize.
A prize drawing offers one $2000 prize, two $1000 prize, two $500 prizes, and five $100...
A prize drawing offers one $2000 prize, two $1000 prize, two $500 prizes, and five $100 prizes. 3000 tickets are sold at $5 each. Find the expected value of a person that buys one ticket.
In another lottery, there are many winning prizes. One prize is $1000, another prize is $200,...
In another lottery, there are many winning prizes. One prize is $1000, another prize is $200, and then there are eight $10 gift cards. If each ticket costs $3 and exactly 800 tickets will be sold, find the expected net gain (expected value) if someone buys one ticket.
A lottery with 200 tickets sold gives five prizes-grand prize of $50 2 second prizes of...
A lottery with 200 tickets sold gives five prizes-grand prize of $50 2 second prizes of $20 each and 2/3 prices of $5 each. Tickets for the prices are drawn at random, without replacement (no one can win two prizes). Define a random variable X as the amount won by a person who holds one ticket. A)give the probability distribution for x B)if a ticket cost $10 what is the probability of making a profit by buying a ticket?
1) A raffle offers one $1000.00 prize, one $500.00 prize, and five $200.00 prizes. There are...
1) A raffle offers one $1000.00 prize, one $500.00 prize, and five $200.00 prizes. There are 5000 tickets sold at $4 each. Find the expectation if a person buys one ticket. 2) The number of cartoons watched on Saturday mornings by students in Mrs. Kelly's first grade class is shown below. Number of cartoons watched   X 0 1 2 3 4 5 Probability   P(X) 0.15 0.20 0.30 0.10 0.20 0.05 Give the standard deviation for the probability distribution.
1) A raffle offers one $1000.00 prize, one $500.00 prize, and five $200.00 prizes. There are...
1) A raffle offers one $1000.00 prize, one $500.00 prize, and five $200.00 prizes. There are 5000 tickets sold at $4 each. Find the expectation if a person buys one ticket. 2) In a large bag of marbles, 35% of them are red. A child chooses 4 marbles from this bag. If the child chooses the marbles at random, what is the chance that the child gets exactly two red marbles? 3) In a survey, 65% of the voters support...
EXPECTED VALUE A $1 lottery ticket offers a grand prize of $10,000; 10 runner-up prizes each...
EXPECTED VALUE A $1 lottery ticket offers a grand prize of $10,000; 10 runner-up prizes each pay $1000; 100 third-place prizes each pay $100; and 1,000 fourth-place prizes each pay $10. Find the expected value of entering this contest if 1 million tickets are sold.
A university organization annually holds a raffle event for fundraising purposes. The prizes include one $1000,...
A university organization annually holds a raffle event for fundraising purposes. The prizes include one $1000, three $500, and five $100. They would sell a total of one thousand tickets, in which a single ticket costs $5. (a) Create a probability distribution table which includes the wins and losses. (b) Find the expectation if a person buys one ticket. How much will this person win or lose? (c) Is this raffle/game fair? Why or why not?
A letter offers one $1,000 prize, one $500 prize, and one $100 prize. One though sand...
A letter offers one $1,000 prize, one $500 prize, and one $100 prize. One though sand tickets are sold at $3 each. Find the expected value if person buys one ticket
A lottery has a grand prize of $380,000, three runner-up prizes of $76,000 each, seven third-place...
A lottery has a grand prize of $380,000, three runner-up prizes of $76,000 each, seven third-place prizes of $9500 each, and twenty-four consolation prizes of $760 each. If 760,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT