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 200,000 10,000 P(x) 0.0000000086 1 0.00000019 0.000001855 0.000154041 0.004800677 0.007182578 0.01857785 0.96919260039 100 (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.)
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 200,000 10,000 P(x) 0.0000000086 1 0.00000019 0.000001855 0.000154041 0.004800677 0.007182578 0.01857785 0.96919260039 100 (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.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
Related questions
Question
![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, SY
Grand prize
200,000
10,000
100
Pix)
0.00000000861
0.00000019
0.000001855
0.000154041
0.004800077
0.007182578
0.01857785
0.96919280039
4.
(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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faccfc013-bc12-4db8-b141-f8bbc566a47b%2F161ea46a-0320-4ba1-a2a7-678d8e989007%2F09aohj_processed.jpeg&w=3840&q=75)
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, SY
Grand prize
200,000
10,000
100
Pix)
0.00000000861
0.00000019
0.000001855
0.000154041
0.004800077
0.007182578
0.01857785
0.96919280039
4.
(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.)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
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 now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![College Algebra (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305652231/9781305652231_smallCoverImage.gif)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
![Calculus For The Life Sciences](https://www.bartleby.com/isbn_cover_images/9780321964038/9780321964038_smallCoverImage.gif)
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![College Algebra (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305652231/9781305652231_smallCoverImage.gif)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
![Calculus For The Life Sciences](https://www.bartleby.com/isbn_cover_images/9780321964038/9780321964038_smallCoverImage.gif)
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
![Holt Mcdougal Larson Pre-algebra: Student Edition…](https://www.bartleby.com/isbn_cover_images/9780547587776/9780547587776_smallCoverImage.jpg)
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL