ZuoTi.Pro
Question

One state lottery has 1100 prizes of $1, 120 prizes of $10, 20 prizes of $55,...

One state lottery has 1100 prizes of $1, 120 prizes of $10, 20 prizes of $55, 5 prizes of $275, 2 prizes of $1300, and 1 prize of $2700. Assume that 35000 lottery tickets are issued and sold for $1 1. What is the lottery's expected profit per ticket? 2. What is the lottery's standard deviation of profit per ticket?

math   Statistics-And-Probability   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
x P(x) xP(x) x2P(x)
0 0.0314 0.0000 0.0000
9 0.0034 0.0309 0.2777
54 0.0006 0.0309 1.6663
274 0.0001 0.0391 10.7251
1299 0.0001 0.0742 96.4229
2699 0.0000 0.0771 208.1315
-1 0.9643 -0.9643 0.9643
total -0.7121 318.1879
E(x) =μ= ΣxP(x) = -0.7121
E(x2) = Σx2P(x) = 318.1879
Var(x)=σ2 = E(x2)-(E(x))2= 317.6807
std deviation=         σ= √σ2 = 17.8236

1) lottery's expected profit per ticket = -0.7121

2) lottery's standard deviation of profit per ticket =17.8236

0 0
Add a comment
Know the answer?
Add Answer to:
One state lottery has 1100 prizes of $1, 120 prizes of $10, 20 prizes of $55,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • One state lottery has 1,100 prizes of $1; 120 prizes of $10; 30 prizes of $50;...

    One state lottery has 1,100 prizes of $1; 120 prizes of $10; 30 prizes of $50; 5 prizes of $285; 2 prizes of $1,180; and 1 prize of $2,400. Assume that 34,000 lottery tickets are issued and sold for $1. Round to 4 decimal places for the answers What is the lottery's expected profit per ticket? What is the lottery's standard deviation of profit per ticket?

  • One state lottery has 900 prizes of $1; 105 prizes of $10; 25 prizes of $65;...

    One state lottery has 900 prizes of $1; 105 prizes of $10; 25 prizes of $65; 5 prizes of $375; 2 prizes of $1,240; and 1 prize of $2,400. Assume that 33,000 lottery tickets are issued and sold for $1. Question 3 What is the lottery's expected profit per ticket? Question 4 What is the lottery's standard deviation of profit per ticket? One state lottery has 900 prizes of $1; 105 prizes of $10; 25 prizes of $65; 5 prizes...

  • A lottery offers one S1000 prize, one S500 prize, two $300 prizes, and five $100 prizes....

    A lottery offers one S1000 prize, one S500 prize, two $300 prizes, and five $100 prizes. One thousand tickets are sold at S6 each. Find the expectation if a person buys three tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems The expectation if a person buys three tickets is S

  • 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 $...

  • A lottery offers one $900 dollar prize, one $700 prize, three $300 prizes, and five $100...

    A lottery offers one $900 dollar prize, one $700 prize, three $300 prizes, and five $100 prizes. One thousand tickets are sold at $5 each. Find the expectation if a person buys two tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal place for currency problems. The expectation if a person buys two tickets is $_______?

  • A lottery has a $10 000 000 grand prize, a $500 000 second prize, and ten...

    A lottery has a $10 000 000 grand prize, a $500 000 second prize, and ten $50 000 third prizes. A ticket costs $5, and 4 000 000 tickets were sold. a) What is the expected value of each ticket? b) Using the results of this question and of Example 3, are lottery tickets a good investment? c) How could the lottery be adjusted to make buying a ticket more attractive? Example 3: Expected Value A hospital is having a...

  • You buy a lottery ticket to a lottery that costs $10 per ticket. There are only...

    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.)

  • A lottery has a grand prize of $140,000, five runner-up prizes of $17,500 each, nine third-place...

    A lottery has a grand prize of $140,000, five runner-up prizes of $17,500 each, nine third-place prizes of $3500 each, and twenty-three consolation prizes of $280 each. If 420,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)

  • A lottery has a grand prize of $200,000, three runner-up prizes of $40,000 each, six third-place...

    A lottery has a grand prize of $200,000, three runner-up prizes of $40,000 each, six third-place prizes of $5000 each, and nineteen consolation prizes of $1000 each. If 600,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)

  • A lottery has a grand prize of $120,000, two runner-up prizes of $15,000 each, four third-place...

    A lottery has a grand prize of $120,000, two runner-up prizes of $15,000 each, four third-place prizes of $6000 each, and eight consolation prizes of $1200 each. If 480,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected net winnings on a $1 ticket. (Round your answer to two decimal places.)

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