Expected value = 1/1000 * (500 - 1) - 1 * (1 - 1/1000) = -0.50
Option - C) -$0.50
QUESTION 9 Find the expected value of the random variable. Round to the nearest cent unless...
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 (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 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 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), 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 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. 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 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 $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 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...