Question

One state lottery has 1,200 prizes of $1; 150 prizes of $10; 25 prizes of $65;...

One state lottery has 1,200 prizes of $1; 150 prizes of $10; 25 prizes of $65; 5 prizes of $350; 2 prizes of $1,280; and 1 prize of $2,600. Assume that 25,000 lottery tickets are issued and sold for $1.          

                                  
What is the lottery's expected profit per ticket?                                           

(PLEASE ROUND OF TO 4 DECIMAL PLACE)

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
One state lottery has 1,200 prizes of $1; 110 prizes of $10; 25 prizes of $70;...
One state lottery has 1,200 prizes of $1; 110 prizes of $10; 25 prizes of $70; 5 prizes of $290; 2 prizes of $1,210; and 1 prize of $2,500. Assume that 26,000 lottery tickets are issued and sold for $1.                                              What is the lottery's expected profit per ticket?
One state lottery has 1,200 prizes of $1; 145 prizes of $10; 25 prizes of $60;...
One state lottery has 1,200 prizes of $1; 145 prizes of $10; 25 prizes of $60; 5 prizes of $285; 2 prizes of $1,040; and 1 prize of $2,500. Assume that 27,000 lottery tickets are issued and sold for $1.                                              What is the lottery's standard deviation of profit per ticket?  
One state lottery has 1,100 prizes of $1; 105 prizes of $10; 20 prizes of $60;...
One state lottery has 1,100 prizes of $1; 105 prizes of $10; 20 prizes of $60; 5 prizes of $350; 2 prizes of $1,030; and 1 prize of $2,500. Assume that 29,000 lottery tickets are issued and sold for $1. 1) What is the lottery's standard deviation of profit per ticket? 2). What is the lottery's standard deviation of profit per ticket?
One state lottery has 1,100 prizes of $1; 105 prizes of $10; 25 prizes $50; 5...
One state lottery has 1,100 prizes of $1; 105 prizes of $10; 25 prizes $50; 5 prizes of $280; 2 prizes of $1,190; and 1 prize of $2,300. Assume that 36,000 lottery tickets are issued and sold for $1. 1. What is the lottery’s expected profit per ticket? 2. What is the lottery’s standard deviation of profit per ticket?
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!
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.)
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 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.
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.
In a certain state lottery, a lottery ticket costs $1. In terms of the decision to...
In a certain state lottery, a lottery ticket costs $1. In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies: State of Nature Win Lose Decision Alternative s1 s2 Purchase Lottery Ticket, d1 550000 -1 Do Not Purchase Lottery Ticket, d2 0 0 A realistic estimate of the chances of winning is 1 in 290,000. Use the expected value approach to recommend a decision. If required, round your answer...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT