Question

A lottery posted the probabilities of winning each prize and the prize amounts as shown in...

A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs​ $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per​ week? Should you actually expect to win or lose this​ amount? Explain.

Prize

$2,000,000

$200,000

$2000

Probability

1 in 40,000,001

1 in 20,000,001

1 in 10,000,001
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
The chance of winning a lottery game is 1 in approximately 2323 million. Suppose you buy...
The chance of winning a lottery game is 1 in approximately 2323 million. Suppose you buy a​ $1 lottery ticket in anticipation of winning the ​$77 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find muμequals=Upper E left parenthesis x right parenthesisE(x). muμequals=nothing
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 local club sells 100 tickets every week from which a winning ticket is randomly selected....
A local club sells 100 tickets every week from which a winning ticket is randomly selected. Assume that every week all 100 tickets are sold and we start afresh the next week with a new lottery. If each ticket costs €3 and you buy 2 tickets every week, how much would you expect to pay overall on tickets by the time you win the lottery for the first time?
The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In...
The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In May and June, 200,000,000 tickets were bought. 1. Please assume the tickets win or lose independently of each other and give the exact probability that there was no winner during the two months. 2. Only using a basic scientific calculator, give an approximation to the same question from part 1. Explain why this approximation is a good one.
The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In...
The odds of winning a certain lottery with a single ticket is 1 in 300,000,000. In May and June, 200,000,000 tickets were bought. 1. Please assume the tickets win or lose independently of each other and give the exact probability that there was no winner during the two months. 2. Only using a basic scientific calculator, give an approximation to the same question from part 1. Explain why this approximation is a good one. Explain your work please.
The probability of winning a prize on a Scratch 'N Win ticket is 0.13. Assuming that...
The probability of winning a prize on a Scratch 'N Win ticket is 0.13. Assuming that the tickets are all independent of each other, what is the probability that it will take you at least 5 tickets before you win your first prize? Round your answer to at least 3 decimal places.
Lottery: I buy one of 400 raffle tickets for $20. The sponsors then randomly select 1...
Lottery: I buy one of 400 raffle tickets for $20. The sponsors then randomly select 1 grand prize worth $500, then 2 second prizes worth $300 each, and then 3 third prizes worth $100 each. The selections are made without replacement. (a) Complete the probability distribution for this raffle. Give your probabilities as a decimal (rounded to 4 decimal places) or as a fraction. Outcomes          P(x)          Win Grand Prize     Win a Second Prize     Win a Third Prize     Win Nothing     (b)...
At a lottery ticket costs $2.  Out of a total of 10,000 tickets printed for this lottery,...
At a lottery ticket costs $2.  Out of a total of 10,000 tickets printed for this lottery, 1,000 tickets contain a prize of $5 each, 100 tickets have a prize of $10 each, 5 tickets have a prize of $1,000 each, and 1 ticket has a prize of $5,000.  If you buy one ticket, what is the expected value of your gain/loss? ← HW  
A senior citizen purchases 45 lottery tickets a week, where each ticket consists of a different...
A senior citizen purchases 45 lottery tickets a week, where each ticket consists of a different six-number combination. The probability that this senior will win - (to win at least three of the six numbers on the ticket must match the six-number winning combination) on any ticket is about 0.018638. What probability distribution would be appropriate for finding the probability of any individual ticket winning? Binomial, Negative Binomial, Hypergeometric, or Poisson? 1. How many winning tickets can the senior expect...
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!
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT