
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Consider a lottery with 100 million tickets in which each ticket has a unique number. Each ticket is sold for $1, and one ticket is drawn for a single prize of $75 million (and no other prizes). If you were to spend $1 million to purchase 1 million lottery tickets, what would the most likely result be?
A) You would be the lottery winner. Buying 1 million tickets gives you a 1% chance of winning, which is a much higher chance than the people who bought one ticket have.
B) You would win back $750,000 of your $1 million. The expected value in buying 1 million tickets is $750,000.
C) You would be the lottery winner. Buying 1 million tickets increases your chances of winning by 1 million percent.
D) You would lose your entire $1 million. If you spend $1 million on something, you have $1 million less than you had before. Therefore, you lost your entire $1 million.
E) You would lose your entire $1 million. No matter how many tickets are bought, the chance of winning the lottery is still 1 in 100 million.
F) You would win back $750,000 of your $1 million. You will lose about 25 cents per ticket, so you'll end up with $750,000 in the end.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.Similar questions
- How many possible outcomes would there be if three coins were tossed once?arrow_forwardThree hundred people buy raffle tickets. Three winning tickets will be drawn at random. (a) If first prize is $130, second prize is $80, and third prize is $30, in how many different ways can the prizes be awarded?(b) If each prize is $80, in how many different ways can the prizes be awarded?arrow_forwardMany casinos have a game called the Big Six Money Wheel, which has 54 slots in which are displayed a Joker, the casino logo, and various dollar amounts, as shown in the table at the top of the next column. Players may bet on the Joker, the casino logo, or one or more dollar denominations. The wheel is spun and if the wheel stops on the same place as the player's bet, the player wins that amount for each dollar bet. Denomination Number of slots $40 (Joker) 1 $40 (Casino logo) 1 $20 2 $10 4 $5 7 $2 15 $1 24 If a player bets $4 on the $10 denomination, find the player's expectation. (Round your answer to two decimal places.)arrow_forward
- What theorems and principles are employed to solve the following riddle: Ten band members have had their musical instruments placed randomly within boxes. Each band member gets five shots at opening boxes, trying to find their own instrument. (Thus, a 50% chance of each individual finding the desired instrument.) They're not allowed to communicate about what they find. If the entire band fails to find their instruments, they're all fired...and the odds of them all finding their instruments via random guessing is 1 in 1,024. But the drummer has an idea that will radically increase their odds of success. What theorems and principles would you need to employ to solve the riddle. Solving the riddle is not the question. What are the methods (proof by contraposition, would be an example) Rules :• Instruments have been randomly placed in 10 boxes.• The pictures on the boxes don't necessarily correspond to the instruments inside.• Each musician can open up to 5 boxes, and they have to…arrow_forwardIn a lottery game, 4 numbers are chosen at random. Each number can take a value 1, 2, 3, or 4, and each value is equally likely. The numbers are chosen independently of each other. Use the method of equally likely outcomes to answer the following question: Which sequence of numbers is more likely to be drawn in the lottery, 1-1-1-1 or 4-2-3-1? Group of answer choices They are equally likely 1-1-1-1 is more likely 4-2-3-1 is more likelyarrow_forwardJames placed a $25 bet on a red and a $5 bet on the number 33 (which is black) on a standard 00 roulette wheel. -if the ball lands in a red space, he wins $25 on his 'red' but loses $5 on his '33' bet - so he wins $20 -if the ball lands the number 33, he loses $25 on his 'red' bet but wins $175 on his '33' bet: He wins $150 -if the ball lands on a spae that isn't red and isnt 33 he loses both bets, so he loses $30 So for each spin; he either wins $150, wins $20, or loses $30 -probability that he wins $150 is 1/38 or .0263 -probability that he wins $20 is 18/38 or .4737 -probability that he loses $30 is 19/38 or .5000 let X = the profit that james makes on the next spin x P (X=x) x*P(X=x) x^2*P(X=x) 150 .0263 3.945 591.75 20 .4737 9.474 189.48 -30 .5000 -15.000 450.00 sum (sigma) 1.000 -1.581 1231.23 u (expected value)= -$1.581 variance = 1228.73044 standard deviation = 35.053 FILL IN THE BLANK if you play 2500 times, and Let, x (x bar)= the mean winnings (or…arrow_forward
- If someone were to bet $1 on the second dozen numbers (which pays 2 to 1) in the game of roulette 33 seperate times, what is the chance that they would end up losing money?arrow_forward250 adults are practicing every day before taking part in a high-stakes children's game. The game requires them carefully to remove a shape- either a star or an umbrella-from a sugar wafer. 30% of those who choose stars on a given day will switch to umbrellas the next day, and 20% of those who choose umbrellas on a given day will switch to stars the next day. (a) If 150 contestants practice with stars today, how many will practice with umbrellas tomorrow? (b) If the actual game is held a long time from now, what proportion of contestants do we expect will be practicing with stars each day close to then?arrow_forwardThe fractions of colors in a population of squirrels is 0.73 red and 0.27 black. If two are chosen at random, what are the chances they have the same color? Give two digits past decimal.arrow_forward
- A teacher will randomly award three students with extra credit. How many possible ways can the teacher pick these three students from a class of 20 students?arrow_forwardA combination lock requires the user to turn four wheels, each with the digits 0 to 9. What are the odds against two locks having the same combination?arrow_forwardIn a drawing organized at the office, Monique purchased 10 of the100 tickets sold. If there are four prizes to be won, what is theprobability that she will win at least one prize?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- A First Course in Probability (10th Edition)ProbabilityISBN:9780134753119Author:Sheldon RossPublisher:PEARSON

A First Course in Probability (10th Edition)
Probability
ISBN:9780134753119
Author:Sheldon Ross
Publisher:PEARSON
