epresents the cash prizes of the lottery rresponding probabilities. Complete parts c) below. Gr

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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.
x (cash prize, $)
Grand prize
P(x)
0.00000000754
0.00000022
200,000
10,000
0.000001609
100
0.000165272
7
0.003838136
4
0.008159473
3
0.01300172
0.97483356246
(a) If the grand prize is $18,000,000, 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: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. x (cash prize, $) Grand prize P(x) 0.00000000754 0.00000022 200,000 10,000 0.000001609 100 0.000165272 7 0.003838136 4 0.008159473 3 0.01300172 0.97483356246 (a) If the grand prize is $18,000,000, 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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