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.)
Suppose you buy 1 ticket for $1 out of a lottery of 100 tickets where the...
You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $405 prize, two $105 prizes, and four $20 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)
QUESTION 9 Find the expected value of the random variable. Round to the nearest cent unless stated otherwise. Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the prize for the one winning ticket is to be $500. What is your expected value? -$0.40 -$1.00 -$0.50 $0.00
The chance of winning a lottery game is 1 in approximately 26 million. Suppose you buy a $1 lottery ticket in anticipation of winning the $4 million grand prize. Calculate your expected net winnings for this single ticket. Interpret the result. Find μ=E(x). μ=____________________(Round to the nearest hundredth as needed. Do not include the $ symbol in youranswer.)
A lottery ticket says that the chances of winning are 1 in 5.5. Suppose you buy 8 of these lottery tickets. Find the probability that exactly one of them will be a winner.
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? $...
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
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...
If you buy a lottery ticket in 50 lotteries, in each of which your chance of winning a prize is 1/100, what is the (approximate) probability that you will win a prize? A.) at least once? B.) exactly once? C.) at least twice? D.) How many times do you expect to win?
(a) If your life plan is to buy one lottery ticket every day for 5 days a week, 50 weeks a year for the next 50 years, where on any lottery ticket you have a one in 500,000,000 chance of winning the jackpot, what is the probability you will win the jackpot at least once in your lifetime? Hint: Let Wi be the event you win the jackpot with the ith lottery ticket. Assume these are independent. (b) (continued) Buying...
You can buy a lottery ticket for $500. The odds are as follows: 1 in 10 tickets will pay $750. 1 in 100 tickets will pay $1000. 1 in 1000 tickets will pay $200,000. 1 in 10,000 tickets will pay $1,000,000. 1 in 100,000 tickets will pay $10,000,000. a. What is the expected value of the ticket to you? b. Should you buy the ticket? Explain your decision.