Suppose you buy 1 ticket for $1 out of a lottery of 100 tickets where the...
Suppose you buy 1 ticket for $1 out of a lottery of 100 tickets where the prize for the one winning ticket is to be $50. What is the expected value? (Round answer to the nearest cent.)
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Suppose you buy 1 ticket for $1 out of a lottery of 100 tickets
where the...
You buy a lottery ticket to a lottery that costs $10 per ticket. There are only...
You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $405 prize, two $105 prizes, and four $20 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)
QUESTION 9 Find the expected value of the random variable. Round to the nearest cent unless...
QUESTION 9
Find the expected value of the random variable. Round to the nearest cent unless stated otherwise. Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value? -$0.40 -$1.00 -$0.50 $0.00
The chance of winning a lottery game is 1 in approximately 26 million. Suppose you buy...
The chance of winning a lottery game is 1 in approximately 26 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $4 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find μ=E(x). μ=____________________(Round to the nearest hundredth as needed. Do not include the $ symbol in youranswer.)
A lottery ticket says that the chances of winning are 1 in 5.5. Suppose you buy...
A lottery ticket says that the chances of winning are 1 in 5.5. Suppose you buy 8 of these lottery tickets. Find the probability that exactly one of them will be a winner.
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs...
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 110 tickets sold. The winner gets a prize worth $82. Round your answers to the nearest cent. What is the expected value (to you) of one raffle ticket? $ Calculate the expected value (to you) if you purchase 10 raffle tickets. $ What is the expected value (to the PTO) of one raffle ticket? $...
five thousand tickets are sold at $5 each for cultural show lottery. tickets are to be...
five thousand tickets are sold at $5 each for cultural show lottery. tickets are to be drawn at random and cash prizes are to be awarded as follows: 1 prize $500, 2 prizes $100, 3 prizes $50. What is the expected value of this lottery if you buy 1 ticket
An instant lottery ticket costs $2. Out of a total of $10,000 tickets printed for this lottery, 500 tickets contain a pr...
An instant lottery ticket costs $2. Out of a total of $10,000 tickets printed for this lottery, 500 tickets contain a prize of $5 each, 125 tickets have a prize of $10 each, 6 tickets have a prize of $1000 each, and 1 ticket has a prize of $5000. Let X be the random variable that denotes the net amount a player wins by playing this lottery. Write the probability distribution of x. Enter the exact answers. Enter your answers...
The chance of winning a lottery game is 1 in approximately 23 million. Suppose you buy...
The chance of winning a lottery game is 1 in approximately 23 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $6 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find μ = E(x) μ=
If you buy a lottery ticket in 50 lotteries, in each of which your chance of...
If you buy a lottery ticket in 50 lotteries, in each of which your chance of winning a prize is 1/100, what is the (approximate) probability that you will win a prize? A.) at least once? B.) exactly once? C.) at least twice? D.) How many times do you expect to win?
You can buy a lottery ticket for $500. The odds are as follows: 1 in 10...
You can buy a lottery ticket for $500. The odds are as follows: 1 in 10 tickets will pay $750. 1 in 100 tickets will pay $1000. 1 in 1000 tickets will pay $200,000. 1 in 10,000 tickets will pay $1,000,000. 1 in 100,000 tickets will pay $10,000,000. a. What is the expected value of the ticket to you? b. Should you buy the ticket? Explain your decision.
QUESTION 9
Find the expected value of the random variable. Round to the nearest cent unless stated otherwise. Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value? -$0.40 -$1.00 -$0.50 $0.00
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