a scratch off lottery ticket has several possible prizes. there is a 0.000005 probability of winning $50000. there is a 0.00004 probability of winning $10000. there is a 0.0003 probability of winning $2000, a 0.002 probability of winning 150. each ticket costs $4, find the expected value of buying 1 ticket.
a scratch off lottery ticket has several possible prizes. there is a 0.000005 probability of winning...
Terry purchases 20 scratch off lottery tickets. Each ticket has a 9 % chance of winning. What is the probability that she has her first successful ticket on the 5 t h try? (Round to 4 decimal places) Geometric Probability
Terry purchases 23 scratch off lottery tickets. Each ticket has a 6%6% chance of winning. What is the probability that she has her first successful ticket on the 6th try? (Round to 4 decimal places)
A restaurant hands out a scratch-off game ticket with prizes being worth purchases at the restaurant. The back of the ticket lists the odds of winning each dollar value: 0.4 for $5, 0.1 for $10, 0.03 for $75, and 0.005 for $100. What are the odds that the ticket is worth at least $75?
A lottery has a grand prize of $80,000, five runner-up prizes of $8,000 each, eleven third-place prizes of $2000 each, and thirteen consolation prizes of $800 each. If 240,000 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.)
A lottery has a grand prize of $100,000, four runner-up prizes of $20,000 each, nine third-place prizes of $2000 each, and twenty-one consolation prizes of $200 each. If 300,000 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 net winnings on a $1 $ 157 ticket. (Round your answer to two decimal places.)
A school fundraiser sells scratch off tickets with the following prizes: one prize of $1000, ten prizes of $50, twenty prizes of $25, and five hundred prizes of $1. There are 5000 tickets printed to be sold for $1 each. 1. Fill in the probability distribution table below. Outcome __________ __________ __________ __________ __________ Probability __________ __________ __________ __________ __________ 2. Find the expected value. (The average winning amount.) 3. Find the standard deviation of the winning amount. 4. What...
A lottery has a grand prize of $140,000, five runner-up prizes of $17,500 each, nine third-place prizes of $3500 each, and twenty-three consolation prizes of $280 each. If 420,000 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.)
A lottery has a grand prize of $200,000, three runner-up prizes of $40,000 each, six third-place prizes of $5000 each, and nineteen consolation prizes of $1000 each. If 600,000 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.)
A lottery has a grand prize of $120,000, two runner-up prizes of $15,000 each, four third-place prizes of $6000 each, and eight consolation prizes of $1200 each. If 480,000 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 net winnings on a $1 ticket. (Round your answer to two decimal places.)
For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. X (cash prize, $) Grand prize 200,000 10,000 100 P(x) 0.00000000877 0.00000023 0.000001734 0.000147996 0.004260186 0.008970789 .01261213 0.97400692623 4 3 0 0 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $...