In a lottery, you pick 2 digits (from 0-9) in order, but the digits may not...
In a lottery, you pick 2 digits (from 0-9) in order, but the digits may not be repeated. A lottery ticket costs $1, and you win $40 if your ticket matches the winning numbers. What is the expected value of playing the lottery? Show your work.
Homework Answers
Total number of possibilities of selecting two digits = 10*9 = 90
In this, there will be only one combo which matches the winning number. Hence,
P(Winning) = 1/90
So P(Not winning) = 1 - 1/90 = 89/90
Hence,
Expected value of playing the lottery
= $(40 - 1)*(1/90) - $1*(89/90)
= $ -0.55
Add Answer to:
In a lottery, you pick 2 digits (from 0-9) in order, but the
digits may not...
in a states pick 3 lottery game you pay 1.29 to select sequence of 3 digits....
in a states pick 3 lottery game you pay 1.29 to select sequence of 3 digits. (from 0 to 9) such as 733. if seleced the same sequence of three digits that are drawn you win $307.14. how many different selection are possible? what is probabily of winning? if win what is net profit? find expected value? if you bet $1.29 in certain states pick 4 the expected value is -$0.98. which bet is better a 1.29 in pick 3...
11.In a lottery game, the jackpot is won by selecting six different whole numbers from 1...
11.In a lottery game, the jackpot is won by selecting six different whole numbers from 1 through 38 and getting the same six numbers (in any order) that are later drawn. In the Pick 3 game, you win a straight bet by selecting three digits (with repetition allowed), each one from 0 to 9, and getting the same three digits in the exact order they are later drawn. The Pick 3 game returns $500 for a winning $1 ticket. Complete...
In a lottery game, the jackpot is won by selecting five different whole numbers from 1...
In a lottery game, the jackpot is won by selecting five different whole numbers from 1 through 38 and getting the same five numbers (in any order) that are later drawn. In the Pick 4 game, you win a straight bet by selecting four digits (with repetition allowed), each one from 0 to 9, and getting the same four digits in the exact order they are later drawn. The Pick 4 game returns $5 comma 000 for a winning $1...
In a lottery, each ticket has 5 one-digit numbers 0-9 on it. (with no digit repeating...
In a lottery, each ticket has 5 one-digit numbers 0-9 on it. (with no digit repeating twice) You win if your ticket has the digits in any order. What are your changes of winning? 1 / 252 1 / 100 1 / 148 1 / 30240
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits...
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits from a daily lottery in which four digits are selected. Digits are the numbers 0-9, so there are 10 digits. If the payoff for a $100 bet is $10000, what is the expected value of winning? Is it worth it? Use the equation editor to show your work! Create a table to make a table used to determine expected value .
4.26 In a lottery game, three winning numbers are chosen uniformly at random from (1, ,100), samp...
4.26 In a lottery game, three winning numbers are chosen uniformly at random from (1, ,100), sampling without replacement. Lottery tickets cost $1 and allow a player to pick three numbers. If a player matches the three winning numbers they win the jackpot prize of $1,000. For matching exactly two numbers, they win $15. For matching exactly one number they win $3 d) Hoppe shows that the probability that a single parlayed ticket will ulti- mately win the jackpot is...
to win a lottery you have to correctly pick the set of 6 numbers drawn from...
to win a lottery you have to correctly pick the set of 6 numbers drawn from numbers 1-52 what is the probability of winning if you buy one ticket
In a state’s Pick 3 lottery gane, you pay $1.01 to select a sequence of three...
In a state’s Pick 3 lottery gane, you pay $1.01 to select a sequence of three digits (from 0 to 9) such as 899. If you select the same sequence of three digits that are drawn, you win and collect $254.53. Complete parts A through D. A) How many different selections are possible? B) What is the probability of winning? C) If you win, what is your net profit? D) Find the expected value.
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits,...
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits, in order, from a daily lottery in which four digits are selected. Digits are chosen from four separate bins, each containing 10 balls numbered 0-9. The only way to win is to match all 4 digits. If the payoff for a $100 bet is $10000, what is the expected value of winning? Create the probability model for this situation. Based on the model, is...
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits,...
Pennsylvania has a lottery entitled "Big 4". To win, a player must correctly match 4 digits, in order, from a daily lottery in which four digits are selected. Digits are chosen from four separate bins, each containing 10 balls numbered 0-9. The only way to win is to match all 4 digits. If the payoff for a $100 bet is $10000, what is the expected value of winning? Create the probability model for this situation. Based on the model, is...
4.26 In a lottery game, three winning numbers are chosen uniformly at random from (1, ,100), sampling without replacement. Lottery tickets cost $1 and allow a player to pick three numbers. If a player matches the three winning numbers they win the jackpot prize of $1,000. For matching exactly two numbers, they win $15. For matching exactly one number they win $3 d) Hoppe shows that the probability that a single parlayed ticket will ulti- mately win the jackpot is...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago