Winnings Net Winnings (Winnings – Cost of Ticket) Proportion of tickets $0 – $5 0.75 $10...
|
Winnings |
Net Winnings (Winnings – Cost of Ticket) |
Proportion of tickets |
|
$0 |
– $5 |
0.75 |
|
$10 |
$5 |
0.15 |
|
$15 |
$10 |
0.08 |
|
$250 |
$245 |
0.02 |
A local gas station decides to run its own lottery. The tickets cost $5 and the winnings are $0, $10, $15, and $250. The table below shows the cost of the ticket, the net winnings for the ticket holder and the proportion of cards that are to be printed for each of the winnings.
- What’s the average pay out for this lottery game? That is, what is the expected value of the net winnings?
- Based off of your calculation from part (a) --- more specifically the sign of your calculated value, will this gas station make money or lose money off of their lottery?
- Calculate the variance associated with the net winnings.
Homework Answers
Add Answer to:
Winnings
Net Winnings
(Winnings – Cost of Ticket)
Proportion of tickets
$0
– $5
0.75
$10...
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