Consider now the following lottery: There are infinitely many tickets, of which 4% are a “win”. Every ticket costs $2, and a winning ticket pays out $120.
(a) Give a lower bound on the probability that playing the lottery will win you money. (b) Find a price such that your losses can exceed this price with probability at most 25%.Consider now the following lottery: There are infinitely many tickets, of which 4% are a “win”....
(1 point) A certain senior citizen purchases 51, "6-49" lottery tickets a week, where each ticket consists of a different six-number combination. The probability that this senior will win - (to win at least three of the six numbers on the ticket must match the six-number winning combination) on any ticket is about 0.018638. What probability distribution would be appropriate for finding the probability of any individual ticket winning? Part (a) How many winning tickets can the senior expect to...
Many states have a lottery game, usually called Pick-4, in which you pick a 4-digit number (for instance, 3129). During the lottery drawing, there are four bins each containing balls labeled 0 through 9. One ball is drawn at random from each bin to select the winning lottery number . a. If you buy one ticket with one 4-digit number, what is the probability that you will win this game? b. What is the probability that the 4-digit number drawn...
Lottery: I buy one of 400 raffle tickets for $10. The sponsors then randomly select 1 grand prize worth $800, then 2 second prizes worth $300 each, and then 3 third prizes worth $100 each. The selections are made without replacement. (a) Complete the probability distribution for this raffle. Give your probabilities as a decimal (rounded to 4 decimal places) or as a fraction. Outcomes P(x) Win Grand Prize Win a Second Prize Win a Third Prize Win Nothing (b)...
a to d Problem 6 10 points Consider the following simple lottery game. There are ten balls total of which five are red and numbered 1,2,3,4,5. The remaining five are blue and also numbered 1,2,3,4,5. Three balls are simultaneously pulled out from a hat, and depending on what they are, you might win a prize. (a) You win a teddy bear if all three balls are the same color. What is the probability of winning a teddy bear? (b) You...
Problem 6 10 points Consider the following simple lottery game. There are ten balls total of which five are red and numbered 1,2,3,4,5. The remaining five are blue and also numbered 1,2,3,4,5. Three balls are simultaneously pulled out from a hat, and depending on what they are, you might win a prize. () You win a teddy bear if all three balls are the same color. What is the probability of winning a teddy bear? (b) You win a baby...
homework help please P(x) For a multistate lottery, the following probability x (cash prize, distribution represents the cash prizes of the lottery Grand prize with their corresponding probabilities. Complete parts 200,000 (a) through (c) below. 10,000 100 0.00000000562|| 0.00000012 0.000001831 10 000156178 0.005556668 0.008631032 0.01493052 0.97072364538 Question Viewer (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...
Use the fact that the mean of a geometric distribution is-land the variance is ơ.q A daily number lottery chooses three balls numbered 0 to 9. The probability of winning the lottery isLet x be the number of times you play the lottery before winning the first time (a) Find the mean, variance, and standard deviation. (b) How many times would you expect to have to play the lottery before winning? It costs $1 to play and winners are paid...
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...
Question 6 Write the correct values in the boxes. For this question, working is not required and will not be marked. Two of many kinds of bets you can make on a horse race are Win' and 'Place'. In each of these you nominate a horse, say 'Neddy', pay some money (your 'stake) and maybe get some money back (your 'payout'). The payout, if paid, is stakexodds, where 'odds is a number greater than 1 specified by the betting agency....
Question Write the correct values in the boxes. For this question, working is not required and will not be marked Two of many kinds of bets you can make on a horse race are ‘win, and Place. In each of these you noininate往horse, say 'Neddy', pay some money (your ‘stake') and maybe get some money back (your 'payout'). The payout, if paid, is stakexodds, where 'odds is a number greater than 1 specified by the betting agency. The odds number...