Question

QUESTION 9

Find the expected value of the random variable. Round to the nearest cent unless stated otherwise. Suppose you buy 1 ticket f

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Expected value = 1/1000 * (500 - 1) - 1 * (1 - 1/1000) = -0.50

Option - C) -$0.50

                     

              

                      

       

Add a comment
Know the answer?
Add Answer to:
QUESTION 9 Find the expected value of the random variable. Round to the nearest cent unless...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose you buy 1 ticket for $1 out of a lottery of 100 tickets where the...

    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.)

  • One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random...

    One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $198. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $193 since your initial $5 will not be returned to you, and so on.)...

  • 를 years at 9%, compounded quarterly. (Round your answer to the nearest cent.) Find the future...

    를 years at 9%, compounded quarterly. (Round your answer to the nearest cent.) Find the future value of an annuity due of $900 each quarter for 8 $45233.98 X Need Help? Raad Marit Talk to Tutor Suppose a state lottery prize is to be paid in 25 payments of $120,000 each at the end of each of the next 25 years. If money is worth 8%, compounded annually, what is the present value of the prize? (Round your answer to...

  • five thousand tickets are sold at $5 each for cultural show lottery. tickets are to be...

    five thousand tickets are sold at $5 each for cultural show lottery. tickets are to be drawn at random and cash prizes are to be awarded as follows: 1 prize $500, 2 prizes $100, 3 prizes $50. What is the expected value of this lottery if you buy 1 ticket

  • 4.26 In a lottery game, three winning numbers are chosen uniformly at random from (1, ,100), samp...

    4.26 In a lottery game, three winning numbers are chosen uniformly at random from (1, ,100), sampling without replacement. Lottery tickets cost $1 and allow a player to pick three numbers. If a player matches the three winning numbers they win the jackpot prize of $1,000. For matching exactly two numbers, they win $15. For matching exactly one number they win $3 d) Hoppe shows that the probability that a single parlayed ticket will ulti- mately win the jackpot is...

  • An instant lottery ticket costs $2. Out of a total of $10,000 tickets printed for this lottery, 500 tickets contain a pr...

    An instant lottery ticket costs $2. Out of a total of $10,000 tickets printed for this lottery, 500 tickets contain a prize of $5 each, 125 tickets have a prize of $10 each, 6 tickets have a prize of $1000 each, and 1 ticket has a prize of $5000. Let X be the random variable that denotes the net amount a player wins by playing this lottery. Write the probability distribution of x. Enter the exact answers. Enter your answers...

  • Suppose a scratch-off lottery ticket cost $1, and has the potential for a $1,000 grand prize....

    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...

  • one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random...

    one thousand raffle tickets are sold at $1 each. 3 tickets will be drawn at random finite One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $191. Suppose you buy 5 gats. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5. If you have 1 winning...

  • The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs...

    The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 110 tickets sold. The winner gets a prize worth $82. Round your answers to the nearest cent. What is the expected value (to you) of one raffle ticket? $ Calculate the expected value (to you) if you purchase 10 raffle tickets. $ What is the expected value (to the PTO) of one raffle ticket? $...

  • Need second part!! thanks 4.3.54 Question Help The chance of winning a lottery game is 1...

    Need second part!! thanks 4.3.54 Question Help The chance of winning a lottery game is 1 in approximately 21 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $9 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find u = E(x). u = -0.57 (Round to the nearest hundredth as needed. Do not include the $ symbol in your answer.) Interpret the result. Choose the correct answer below. per...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT