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5a. (10 points) Set your utility for $0 to be 0 and $1 million to be...
For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with...
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 $...
Lottery: I buy one of 400 raffle tickets for $10. The sponsors then randomly select 1...
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)...
homework help please P(x) For a multistate lottery, the following probability x (cash prize, distribution represents...
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...
Score: 0 of 1 pt Save 4 of 6 (4 complete) 6.3.17 Hw Score: 41.67%, 2.5...
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...
is this better 10) supposed state lottery price of 3 million is paid in 25 payments...
is this better
10)
supposed state lottery price of 3 million is paid in 25 payments of
$120,000 each at the end of each of the next 25 years if the money
is worth 12% compounded annually what is the present value of the
prize (rounds your answer to the nearest cent)
11) what amount must be set aside now to generate payments of
$50,000 at the beginning of each year for the next 12 years if
money is worth...
Lottery: I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1...
Lottery: I buy one of 250 raffle tickets for $10. The sponsors then randomly select 1 grand prize worth $300, 2 second prizes worth $100 each, and 3 third prizes worth $50 each. Below is the discrete probability distribution for this raffle. Prize P(x) Grand 1/250 Second 2/250 Third 3/250 None 244/250 (a) Recognizing that I spent $10 to buy a ticket, determine the expected value of this raffle to me as a player. Round your answer to the nearest...
Assignment Details Who Wants to Be a Millionaire? 1. You just won $1 million dollars in the lottery! They offer you...
Assignment Details Who Wants to Be a Millionaire? 1. You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%. What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your...
Ann is risk-averse with a Bernoulli utility function u(w) = 100 + w^1/2 where w is...
Ann is risk-averse with a Bernoulli utility function u(w) = 100 + w^1/2 where w is her wealth in dollars. Ann’s current wealth is one million dollars, including her small boat valued at $180, 000. She estimates that with 10% probability the boat will sink and lose its full value; with 15% probability there will be damages and the boat will lose half its value, and with 25% probability the boat will lose a quarter of its value; otherwise, the...
Two Part Question Who Wants to Be a Millionaire? You just won $1 million dollars in...
Two Part Question Who Wants to Be a Millionaire? You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%. What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your...
Two part question Who Wants to Be a Millionaire? You just won $1 million dollars in...
Two part question Who Wants to Be a Millionaire? You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%. What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your...
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 $...
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...
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...
is this better
10)
supposed state lottery price of 3 million is paid in 25 payments of
$120,000 each at the end of each of the next 25 years if the money
is worth 12% compounded annually what is the present value of the
prize (rounds your answer to the nearest cent)
11) what amount must be set aside now to generate payments of
$50,000 at the beginning of each year for the next 12 years if
money is worth...
Assignment Details Who Wants to Be a Millionaire? 1. You just won $1 million dollars in the lottery! They offer you two options for your winnings: a lump sum payment right now, or $100,000 a year over the next 10 years. Current 10-year interest rates are at 5%, and the current tax on lottery winnings is 40%. What is the amount you will receive today with the lump sum option? Which option would you select? How would you present your...
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