Suppose that each week you buy a ticket in a lottery which gives you a chance of 1/100 of a win. You do this each week for a year. Use a suitable Poisson distribution to estimate the chance that you get 2 wins during the year.
Suppose that each week you buy a ticket in a lottery which gives you a chance...
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?
(a) If your life plan is to buy one lottery ticket every day for 5 days a week, 50 weeks a year for the next 50 years, where on any lottery ticket you have a one in 500,000,000 chance of winning the jackpot, what is the probability you will win the jackpot at least once in your lifetime? Hint: Let Wi be the event you win the jackpot with the ith lottery ticket. Assume these are independent. (b) (continued) Buying...
Suppose a scratch-off lottery ticket cost $1, and has the potential for a $1,000 grand prize. You decide to buy one of these lottery tickets. Suppose that the random variable, X=Dollars Won, has the following probability distribution: x P(X=x) 1,000 .0001 10 1 .03 0 .95 a.) what is the probability that you will win $10? b.) how many dollars are you expected to win? c.) suppose your friend says," you will either win or loose with this ticket, that...
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 costs 10 dollars. You have a 2% chance to win 400 dollars, otherwise you win nothing. Write down a probability distribution table for the random variable X = net gain = (amount won)-(ticket cost), and nd its expected value (hint: answer is an integer). Should you play or not
Q1: Consider a simplified lottery, in which there are 106 possible numbers. Each ticket costs $1, and if you win, you win S10M (ten million). If you buy one ticket, what are your expected winnings? What is the typical (most likely) outcome of buying a ticket in this lottery?
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.)
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.
A school carnival offers a lottery and other games of chance. All people attending the carnival are entered into the lottery when they pay the admission fee. The numbered lottery tickets are placed in a bowl, mixed, and removed one at a time from the bowl ("drawn") by a disinterested person. The person holding the ticket with the chosen number wins a prize. The lottery numbers chosen are not returned to the bowl until the final drawing (see Table 1-1...
Please help with decision analysis In a certain state lottery, a lottery ticket costs $2. In terms of the decision to purchase or not to purchase a lottery ticket, suppose the following payoff table (in S) applies: 29. State of Nature Win Lose Decision Alternative Purchase lottery ticket, d Do not purchase lottery ticket, d 300,000 -2 If a realistic estimate of the chances of winning are 1 in 250,000, use the expected value approach to recommend a decision. If...