Question

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 |

Answer #1

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, 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. 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 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 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 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 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, 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 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!

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...

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