Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $15,000,000 1 chance in 200,000,000 $250,000 1 chance in 150,000,000 $25,000 1 chance in 60,000,000 $20,000 1 chance in 1,000,000 $700 1 chance in 600,000 A watch valued at $80 1 chance in 4,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cent Give your answers to at least 4 decimal places,

Q: (a) Find the conditional probability of Y=0 given X=1 (b) Find the expected value of X

A:

Q: rizes and the chances of winning in a sweepstakes are given in the table below.   Prize Chances…

A: Mean is the average of the all the observations in the data set. Mean is also known as expected…

Q: Value of X Probability -3 0.25 -1 0.15 2 0.4 3 0.2 What is the expected value of x?

A: From the provided information, The expected value of X can be obtained as: Here p(x) is the…

Q: Below is a partially complete probability model. Enter the probability for the final outcome.…

A: We know that, ∑P(x) = 1 P(1.5)+P(1.5)+P(2.5)+P(3.5)=1 0.1+0.05+0.15+P(3.5)=1 Therefore,…

Q: rafflefor a cause. a raffle is held to raise funds for a charity event. a raffle ticket cost 150…

A: Given that there are total 2000 tickets. And among them, only 1 ticket is worth 150,000 pesos. The…

Q: Insurance: You purchase a $100,000 life insurance policy for a $300 premium each year. If the…

A: You purchase a $100,000 life insurance policy for a $300 premium each year. The probability of…

Q: Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances…

A: x                         P(x)                           x.P(x)   10000000…

Q: Amount of clalm (to the nearest $50,000) Probability The table shows claims and their probabilities…

A:

Q: ere are 3 prizes: first prize is $500; second prize is $200; third prize is $100. What’s the…

A: The number of tickets sold is 1000. The probability distribution table for the data is given as .…

Q: sa e -e Sb (5)= 5(b-a) Calculate the expected value of the random variable X.

A: It is the mgf of uniform distribution such that X~ U(a,b)

Q: Publishing   The following table shows the results of a survey of 400 authors by a publishing…

A: Formula used: When an experiment is performed a number of times, the relative frequency or estimated…

Q: You buy a $1 ticket in a raffle. There are 1,000 tickets sold. Tickets are selected out of one of…

A: We make a table using the given data Prize 500 200 100 0 frequency 1 1 1 1000-3=997…

Q: The probabilities of contamination In medicine capsules from the presence of heavy metals and…

A: Given:     Heavy Metal Contamination Microbial Contamination from E. Coli Microbial Contamination…

Q: I own a bar by Raymond James Stadium when the Bucs play. I do a lot of business game day. If the…

A: Let X be the discrete random variable with the probability value P(X=xi). The expected value is…

Q: Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $4000 and costs $25 to…

A: Given data- Scholarship worth of A = $3000. Scholarship worth of B = $4000. Cost to apply A = $10.…

Q: Expected Value  School Raffle: The local school is selling raffle tickets. 100 raffle tickets will…

A: Given data The local school is selling raffle tickets 100 raffle tickets will be sold for $5 each

Q: A sample of 2000 households is surveyed for their purchase behavior for mobile phones. Table 1:…

A: The sample space is the set of all possible responses of 200 households surveyed. Simple event is…

Q: Life Insurance A 32-year-old woman purchases a $200,000 term life insurance policy for an annual…

A: From the provided information, The probability that the woman will survive the year = 0.999056 If…

Q: 25. Life Insurance A life insurance company sells a $250,000 1-year term life insurance policy to a…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Lottery: In the New York State Numbers lottery, you pay $3 and can bet that the sum of the numbers…

A: The formula for expected value of profit is given below:

Q: What’s the probability that the student is studying a language other than English? What is the…

A:

Q: uring one holiday season, the Texas lottery played a game called the Stocking Stuffer. With this…

A:

Q: The probability distribution below shows the total points scored in soccer games by all teams that…

A:

Q: Marketing estimates that a new instrument for the analysis of soil samples will be very successful,…

A: The mean of the random variable is obtained below: From the given information, let X be the random…

Q: Find the expected value of the probability model.

A:

Q: Publishing   The following table shows the results of a survey of 400 authors by a publishing…

A: Number of author = N = 400  possibility for An established author is successful = n  = 112

Q: Artie Siegel, an MBA student, has been having problems balancing his checkbook.  His monthly income…

A: Given Assume that this income is received at the beginning of each month. Siegel’s expenditures also…

Q: Life Insurance Miranda decided to buy a $50,000 term life insurance policy from Palmetto Insurance…

A:

Q: Last school year student body local university consisted of 35% freshmen 24% sophomores 26% juniors…

A: A Chi-Square for goodness of fit test is a test used to assess whether the observed data can be…

Q: Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances…

A:

Q: A hair salon has five chairs. Customers arrive at the salon at the rate of 6 per hour. The hair…

A:

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: Solution attached below

Q: online airline reservation processing system handles randomly-arriving reservations. Requests arrive…

A: Given information:- Requests arrive at a rate of 300 per hour and take about 8 seconds to process…

Q: Publishing The following table shows the results of a survey of 200 authors by a publishing company.…

A: Note: Here, we want to find the number of those authors which is successful.

Q: Expected Utility. One method for deciding among various investments involves the concept of expected…

A: (a)The formula for the mean of a discrete random variable X is,

Q: True or False? Sensitivity and specificity are both forms of conditional probability.

A: Sensitivity: It is the probability of a positive test result for a disease when the disease is…

Q: Wapoint) Prizes and the chances of winning in a sweepstakes are given in the table below. Prize…

A: For a given discreet random variable X, the expected value of X is given by the formula EX=∑ixi·Pxi,…

Q: Homeowner’s Policy. An insurance company wants to design a homeowner’s policy for mid-priced homes.…

A: The formula for the mean of a discrete random variable X is

Q: The outcomes of an experiment and the probability of each outcome are given in the table below.…

A:

Q: Publishing The following table shows the results of a survey of 400 authors by a publishing…

A: solution

Q: A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day…

A: From the provided information, Number of complaints per day (x) 0 1 2 3 4 5 6 Probability P(x)…

Q: Statistics and Probability Question Flip a coin three times. X random variable is defined as the…

A: if a coin is fliped 3 times than the possible outcomes areHHHHHTHTHTHHHTTTHTTTHTTTLet X=no.of heads…

Q: L40 Courses Profile Sydney Sign Out Number of photocopies per teacher 100 200 300 400 500 per day, n…

A: Solution Here E(n) is expected value for 1 teacher

Q: You need to hire some new employees to staff your startup venture. You know that potential employees…

A: Expected value is value that represent the outcome of the random variable by means of multiplying…

Q: Prize Chances $25,000,000 1 chance in 200,000,000 $150,000 1 chance in 150,000,000 $75,000 1 chance…

A: Given The probability mass function is as follows: Let X be the amount won by one entry

Q: Addiction Medicine. The report “Addiction Medicine: Closing the Gap between Science and Practice”…

A:

Q: a) Using the information above fill in the probability model in the table below: Prize: First Place…

A: As per our guidelines, we are allowed to answer first three sub-parts only . Thanks Given :

Q: Roll a fair die (uniform 1,2,3,4,5,6) repeatedly. You and Peter are betting on the number shown on…

A: a) Given that the fair die is rolled. The fair dice has sides 1, 2, 3, 4, 5, 6. If the number is 4…

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.