A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. Round to the nearest tenth as needed. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. __cent b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3cent). __cent
A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. Round to the nearest tenth as needed. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. __cent b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3cent). __cent
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 6ECP: In Pennsylvania’s Cash 5 game, a player chooses five different numbers from 1 to 43. If these five...
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A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. Round to the nearest tenth as needed.
a. Assuming that there is no cost to enter the sweepstakes, find the
b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3cent). __cent
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