1. A lottery offers one $1000 prize, one $500 prize, and five $100 prizes. One thousand tickets are sold at $5 each. You decided to buy one ticket. Outome Profit (x) a. Fill in the table (add or delete rows if necessary) Answer: b. Find the expectation if a person buys one ticket. P(x) c. Is it a fair game? Explain. Is it a fair game? Explanation: x P(x)
1. A lottery offers one $1000 prize, one $500 prize, and five $100 prizes. One thousand tickets are sold at $5 each. You decided to buy one ticket. Outome Profit (x) a. Fill in the table (add or delete rows if necessary) Answer: b. Find the expectation if a person buys one ticket. P(x) c. Is it a fair game? Explain. Is it a fair game? Explanation: x P(x)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.4: Expected Value
Problem 15E: A Game of Chance A box contains 100 envelopes. Ten envelopes contain $10 each, ten contain $5 each,...
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