Question

Assume that it costs ​$2 to play a​ state's daily number. The player chooses a​ three-digit...

Assume that it costs ​$2 to play a​ state's daily number. The player chooses a​ three-digit number between 000 and​ 999, inclusive, and if the number is selected that​ day, then the player wins ​$620 ​(this means the​ player's profit is ​$620-​$2=​$618​). If the player buys chances on different​ numbers, what is the expected value for the​ player?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In New York State’s numbers game, an individual chooses a 3 digit number to play the...
In New York State’s numbers game, an individual chooses a 3 digit number to play the game. This 3 digit number can range from 000 to 999 inclusive. What is the probability that a person will win the game if he/she selects: DO NOT REDUCE a) The 3 digit number 217? b) A 3 digit number where the digits 4,2,7 appear in any order? c) All 3 digit numbers beginning and ending with a 7?
Assume a simple 2 player, sequential move game occurs as follows: Play rotates back and forth...
Assume a simple 2 player, sequential move game occurs as follows: Play rotates back and forth between players- player 1 moves first, then player 2, then player 1 again……and so on. Each time a player gets a chance to move, they choose a number 1 through 5 inclusive (so that 1,2,3,4, & 5 are the five choices they have). Every time a number gets selected, the number is added to a running tally of all numbers that have been selected....
Assume a simple 2 player, sequential move game occurs as follows: Play rotates back and forth...
Assume a simple 2 player, sequential move game occurs as follows: Play rotates back and forth between players- player 1 moves first, then player 2, then player 1 again……and so on. Each time a player gets a chance to move, they choose a number 1 through 5 inclusive (so that 1,2,3,4, & 5 are the five choices they have). Every time a number gets selected, the number is added to a running tally of all numbers that have been selected....
In a lottery game a player chooses four digits (digits can repeat, for instance 0, 2,...
In a lottery game a player chooses four digits (digits can repeat, for instance 0, 2, 0, 2 is a valid choice) and bet $1 that all four of them will arise in the four digit number drawn from the lottery. It isn’t necessary that the order will be the same: if a player selects 2, 6, 7, 8 the selection of 8, 2, 7, 6 means he won. Player gets $200 if he wins. 1. What is the probability...
It costs​ $2 to play a game where you guess the attempt to guess the correct...
It costs​ $2 to play a game where you guess the attempt to guess the correct number from​ 1-50 inclusive​ (n=50). If you guess correctly you win​ $22 giving you a​ $20 profit. Calculate the expected value for the game.
Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player...
Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player chooses ten different numbers and hopes that these get drawn. If the player's numbers get drawn, he/she wins an obscene amount of money. The table below displays the frequency with which classes of numbers are chosen (not drawn). These numbers came from a sample of 180 chosen numbers. Chosen Numbers (n = 180) 1 to 10 11 to 20 21 to 30 31 to...
1) At a lumber company, shelves are sold inȱȱ5 types of wood, 4 different widths and...
1) At a lumber company, shelves are sold inȱȱ5 types of wood, 4 different widths and 3 different lengths. How many different types of shelves could be ordered? 2) A shirt company has 5 designs each of which can be made with short or long sleeves. There are 4 different colors available. How many differentȱȱshirts are available from this company? Find the indicated probability. Round your answer to 2 decimal places when necessary. 3) A bag contains 6 red marbles,...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries...
UTS: Accounting for Business Decisions A 20 MC questions: The primary purpose of the closing entries is to: assure that adjusting entries balance b. calculate the net balance of non-current assets ensure that all assets and liabilities are recognised in the appropriate period to measure revenue, expense, and dividend accounts in the next period prove the equality of the debit and credit entries in the general journal If a company uses the direct write off method of accounting for bad...
2. SECURING THE WORKFORCE Diversity management in X-tech, a Japanese organisation This case is intended to...
2. SECURING THE WORKFORCE Diversity management in X-tech, a Japanese organisation This case is intended to be used as a basis for class discussion rather than as an illustration of the effective or ineffective handling of an administrative situation. The name of the company is disguised. INTRODUCTION In light of demographic concerns, in 2012, the Japanese government initiated an effort to change the work environment in order to secure the workforce of the future. Japan is world renowned for its...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...