Problem 6: In a certain lottery, the chance of winning on any one lottery ticket is 0.001. Suppose a person buys one ticket each day (except on a leap year day February 29) over a period of 40 years. (a) What is the expected number E[T] of winning tickets in 40 years? (b) If each winning ticket is worth $1000, what is the expected amount E[R] collected on these winning tickets? (c) If each ticket costs $2, what is the expected net profit E|Q]?

Problem 6: In a certain lottery, the chance of winning on any one lottery ticket is 0.001. Suppose a person buys one ticket each day (except on a leap year day February 29) over a period of 40 years. (a) What is the expected number E[T] of winning tickets in 40 years? (b) If each winning ticket is worth $1000, what is the expected amount E[R] collected on these winning tickets? (c) If each ticket costs $2, what is the expected net profit E|Q]?

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 1E: If a game gives payoffs of $10 and $100 with probabilities 0.9 and 0.1, respectively, then the...

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