A lottery offers a grand prize of $10,000; 10 runner-up prizes each paying $1000; 100 third-place prizes each paying $100; and 1,000 fourth-place prizes each paying $10. A ticket costs $1. Find the expected value of entering this contest if 1 million tickets are sold.

Q: A lawyer in a court case estimates that with probability 0.25 she will win $100,000, with…

A: We will make a probability distribution for the winning amount winning amount (xi) 100000 10000 0…

Q: A magazine subscription service is having a contest in which the prize is $40,000. If the company…

A: Solution-: A magazine subscription service is having a contest in which the prize is $40,000. If the…

Q: In a large casino, the house wins on one of its games with a probability of 51%. 1:1, meaning that…

A: NOTE-AS PER POLICY I HAVE CALCULATED FIRST MAIN QUESTION ONLY.

Q: A local organization sells 10,000 lottery tickets for $1 each. Prizes are awarded by a random…

A: Given, A organization sells 10,000 lottery tickets for $1 each. First price earn $300, Second win…

Q: A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes…

A: Given data: The grand prize given is E1=$1 million=$1,000,000. The prize money won by 4 runners up…

Q: A magazine subscription service is having a contest in which the prize is $270,000. If the company…

A: Given that the winning amount= $270,000 There are total 3 million entries for the contest. So the…

Q: A life insurance policy pays $120000 if a customer passes away during the year. At the start of each…

A: From the given information we want to find expected value of a single one of these customers for the…

Q: Consider a game where there is a $2,520 prize if a player correctly guesses the outcome of a fair…

A: Given information: Consider a game where there is a $2,520 prize if a player correctly guesses the…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 37…

A: From the given information, Consider, X be the random variable that show the winning amount or net…

Q: A charitable organization raises funds by selling 2000 raffle tickets for a first prize worth 500$…

A:

Q: A scratch-off lottery ticket costs $5.00 to purchase and it pays out a prize with the probabilities…

A:

Q: When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15 on the number…

A: Given : Three posibilities = 00 , 0 , 1 X P(X) 45 338 -15 3538

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 38…

A: Reviewing information, E($5 bet on no. 38)=-0.26 cents For $5 bet on 5 outcomes(00,0,1,2 or 3)…

Q: 5. In the "long run," what is the expected profit, or loss, per game if you pay $2 to play a game…

A: Given that, you pay $2 to play a game and receive $10 if you throw a "doubles" on a single throw of…

Q: Suppose that a lottery has the following odds: Amount won Probability of winning 0 3/5 2 1/5 5 1/10…

A: b)Here, Amount won, x Probability, P(x) x.P(x) 0 35 0 2 15 25 5 110 12 10 350 35 50…

Q: a. If a customer complains that her package of the film does not show the expiration date, what is…

A: AS PER POLICY I HAVE CALCULATED 3 SUBPART

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 23…

A: Reviewing information, Expected value of $15 bet for 23 =-$1.58 For $15 bet on outcome 00,0,1…

Q: From the perspective of the 31-year-old male, what are the monetary values corresponding to the two…

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Q: Suppose the warranty period on your family's new television is about to expire and you are debating…

A: Answer can be given using expected value formula.

Q: 5. Find the expected value of the salesman's commission if he has the following commission payout…

A: According to the provided question:-      x                  P(x)                 x*P(x) 0$…

Q: Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win $100, and 1…

A: Given that, Robert bought a $5 lottery ticket such that 1 in 100 would win $10, 1 in 1000 would win…

Q: When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15 on the number…

A: Given information: Total number on given roulette at a​ casino = 38(00, 0, 1, 2, 3, 4, 5,…

Q: At age 50, Ann must choose between taking $20,000 at age 60 if she is alive then, or $32,000 at age…

A:

Q: Your partner flips a fair coin. If the coin comes up heads, you pay him 2; if the coin comes up…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 29…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 32…

A: a)The formula for finding the expected value is shown below:

Q: When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15on the number…

A: a) The probability distribution table is x P(x) +90 538 -15 3338 The expectation is given…

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 34…

A: From the provided information, For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a…

Q: When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$5 on the number…

A: Given Information: The gambler knows that the expected value of the $5 bet for a single number is…

Q: The management of the Cambridge Company has projected the sales of its products (in millions of…

A: We have to find expected value. Formula : E(X) = ∑x*P(x)

Q: A. Suppose you roll a die with probability of 1 being 1/15, 2 being 2/15, 3 being 4/15, 4 being…

A: A. It is given that, a die is rolled with probability of 1 being 1/15, 2 being 2/15, 3 being 4/15, 4…

Q: In a gambling game a person draws two cards from an ordinary 52-card playing deck. A person is paid…

A: Given, No of cards n = 52 draws 2 cards $100 if both are aces $50 if one of them is ace otherwise…

Q: In a raffle where 7,000 tickets are sold for $2 each one prize of $2,600 will be awarded what is the…

A:

Q: The following table tabulates the earnings for a particular investment plan with corresponding…

A: The given tables shows the earnings for a particular investment plan with corresponding…

Q: Assume that the drawer contains 9 coins: 4 quarters, 1 dimes, and 4 nickels. One coin is randomly…

A: Type Number Probability, p Value, n (in dollars) Expected value, np Nickel 4…

Q: If you charge $3 to play a game of chance and the expected value is - $2, then what is the fair…

A: According to the given information, it is required to find the fair price of the game.

Q: 5) A Booster club sells $6 tickets for chance to win a $300 TV, a $75 cell phone, or eight $25 cash…

A:

Q: John and Larry are fundraisers for UNO. A wealthy benefactor says that he will match whatever John…

A:

Q: When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31…

A: Answer is explained below

Q: An insurance company sells a policy for $5000.  There is a 3 in 20 probability that the insurance…

A: Given that: There is a 3 in 20 probability that the insurance company will have to pay $10,000…

Q: A product is ordered once each year, and the reorder point without safety stock (dL) is 100 units.…

A: Demand Probability Cumulative probability 0 0.1 0.1 50 0.2 0.3 100 0.4 0.7 150 0.2 0.9 200…

Q: A fast food restaurant just leased a new freezer and food fryer for three years. The service…

A: Given data ,80 % freezers need no repairs11 % need to be serviced once 5 % need to be serviced…

Q: An insurance policy sells for $1000. Based on past data, an average of 1 in 100 policyholders will…

A: We will make a table using the given information Amount of claim 15000 30000 80000 Probability…

Q: An oil company is considering two sites on which to​ drill, described as​ follows: Site​ A: Profit…

A: Site A: Profit (million) 110  -17 Probability 0.2 (1-0.2)=0.8 So the expected profit of site…

Q: A lottery has a grand prize of $2,000,000, 4 runner-up prizes of $125,000 each, 11 third-place…

A:

Q: 3. An insurance policy sells for $720. Based on past data, an average of 1 in 70 policyholders will…

A: Expected value is used to measure the average of the probability distribution. It is calculated by…

Q: When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15 on the number…

A: Given :  When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15 on…

Q: If the probability that a child is a boy is p, where 0 < p < 1, find the expected number of boys in…

A:

Q: 5. The Triple L Investment Club is considering purchasing a certain stock. After considerable…

A: E[x] = ∑xp(x)

Q: Suppose the table below gives the chances of winning or losing points in a game:Points Won/Lost –100…

A: