Question

If you buy a lottery ticket in 50 lotteries, in each of which your chance of...

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?

0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
If you buy a lottery ticket in 50 lotteries, in each of which your chance of...
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
  • (a) If your life plan is to buy one lottery ticket every day for 5 days...

    (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...

  • Suppose that each week you buy a ticket in a lottery which gives you a chance...

    Suppose that each week you buy a ticket in a lottery which gives you a chance of 1/100 of a win. You do this each week for a year. Use a suitable Poisson distribution to estimate the chance that you get 2 wins during the year.

  • The chance of winning a lottery game is 1 in approximately 26 million. Suppose you buy...

    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 your​answer.)

  • 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.)

  • 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 $...

  • 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...

  • (1 point) A certain senior citizen purchases 51, "6-49" lottery tickets a week, where each ticket...

    (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...

  • 6- Suppose you buy a ticket for a raffle. The ticket's price is $5 and the...

    6- Suppose you buy a ticket for a raffle. The ticket's price is $5 and the prize is worth $200. If 100 tickets are sold, (a) What is the probability that you will win the prize? (b) How much money do you expect to win/lose?

  • A lottery ticket says that the chances of winning are 1 in 5.5. Suppose you buy...

    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.

  • 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...

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