10) The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one: $3800 (1 chance in 8300); $2500 (1 chance in 5700); $700 (1 chance in 3500); $300 (1 chance in 2500). Find the expected value of the amount won for one entry if the cost of entering is 73 cents. 10)
10) The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one: $3800 (1 chance in 8300); $2500 (1 chance in 5700); $700 (1 chance in 3500); $300 (1 chance in 2500). Find the expected value of the amount won for one entry if the cost of entering is 73 cents. 10)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Transcribed Image Text:10) The prizes that can be won in a sweepstakes are listed below together with the chances of
winning each one: $3800 (1 chance in 8300); $2500 (1 chance in 5700);
$700 (1 chance in 3500); $300 (1 chance in 2500). Find the expected value of the amount
won for one entry if the cost of entering is 73 cents.
10)
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