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 it worth playing? Feel free to use StatCrunch to write the model and find the expected value, then include your screen shot as a picture.
Homework Answers
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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,...
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 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 .
The Powerball lottery is played twice each week in 44 states, the District of Columbia, and the Virgin Islands. To play Powerball, a participant must purchase a $2 ticket, select five numbers from the digits 1 through 69, and then select a Powerball numbe
The Powerball lottery is played twice each week in 44 states, the District of Columbia, and the Virgin Islands. To play Powerball, a participant must purchase a $2 ticket, select five numbers from the digits 1 through 69, and then select a Powerball number from the digits 1 through 26. To determine the winning numbers for each game, lottery officials draw 5 white balls out a drum of 69 white balls numbered 1 through 69 and 1 red ball out...
Can someone do 28, 32, 40, and 44 198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Ca...
Can someone do 28, 32, 40, and 44
198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Cash 4 admission to college); the Law School Admissions Test, or LSAT; and the Graduate Record Exam, GRE (used for admission to graduate school). 32. New York's "Pick 10" is a 10/80 lottery Sometimes, these maltiple-choice tests discourage guessing by subtracting points for wrong answers In particular, a correct answer will be worth +1...
Can someone do 28, 32, 40, and 44
198 CHAPTER 3 Probability c. Use the results of parts a and b to find ed value of Cash 4 admission to college); the Law School Admissions Test, or LSAT; and the Graduate Record Exam, GRE (used for admission to graduate school). 32. New York's "Pick 10" is a 10/80 lottery Sometimes, these maltiple-choice tests discourage guessing by subtracting points for wrong answers In particular, a correct answer will be worth +1...
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