Lottery: In the New York State Numbers lottery, you pay $3 and can bet that the sum of the numbers that come up is 13. The probability of winning is 0.095, and if you win, you win $7.50, which is a profit of $4.5. 1If you lose, you lose $3. Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is-2.29 Part: 1 2 Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places. $10 of S This is an expected (Choose one) llo

Lottery: In the New York State Numbers lottery, you pay $3 and can bet that the sum of the numbers that come up is 13. The probability of winning is 0.095, and if you win, you win $7.50, which is a profit of $4.5. 1If you lose, you lose $3. Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is-2.29 Part: 1 2 Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places. $10 of S This is an expected (Choose one) llo

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.4: Expected Value

Problem 19E: Lottery In a 6/49 lottery game, a player pays $1 and selects six numbers from 1 to 49. Any player...

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