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a) If the grand prize is $12,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? he expected cash prize is $. (Round to the nearest cent as needed.)

a) If the grand prize is $12,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? he expected cash prize is $. (Round to the nearest cent as needed.)

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 76RE
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(cash prize, $) Grand prize P(x) 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. 0.00000000687 200,000 0.00000034 10,000 100 0.000001846 0.000146681 0.004408777 4 0.007671659 0.01847131 0.96929938013 3
Transcribed Image Text:(cash prize, $) Grand prize P(x) 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. 0.00000000687 200,000 0.00000034 10,000 100 0.000001846 0.000146681 0.004408777 4 0.007671659 0.01847131 0.96929938013 3
(a) If the grand prize is $12,000,000, 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 $ . (Round to the nearest cent as needed.)
Transcribed Image Text:(a) If the grand prize is $12,000,000, 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 $ . (Round to the nearest cent as needed.)
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