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Score: 0 of 1 pt Save 4 of 6 (4 complete) 6.3.17 Hw Score: 41.67%, 2.5 of 6 pt Question Heip A multi-state lottery advertises the prizes and probabilities of winning shown in the accompanying table for a single S1 ticket The ?ad t i an ble but t has an average of $3 million. Note that the same prize can be given to two outcomes with different probabilities. What is the expected value of a single lottery ticket? If you spend $365 per year on the lottery, how much can you expect to win or lose? EEB Click the icon to view the lottery prizes and probabilities table. What is the expected value of a single lottery ticket? dollars (Round to the nearest cent as needed) 6 Lottery Prizes and Probablities Table $150,000 $5,000 $150 $100 S5 s5 4 in 71,641,727 1 in 2,142,086 1 in 390,984 1 in 9,535 1 in 7,560 1 in 229 1 in 566 1 in 115 1 in 50 Enter your answer in the a Print Done part
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Answer #1

Probablit 3,000,000 71,641,727 1.39583E-08 21420864.66835E-07 3909842.55765E-06 9535 0.000104877 7560 0.000132275 229 0.00436

Expected winnings = $0.22

cost of ticket = $1

E(x) = 0.22-1 = -$0.78

Ove 365 days you are expected to loose 365*0.78 = $284.7

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