Suppose that a lottery has the following odds: Amount Won Probability of Winning 3/5 1/5 5 1/10 10 3/50 9/250 100 1/250 1. If you pay $5 to play this game, what is the expected amount of money you would gain after playing? 2. What amount of money should you pay if you don't want to lose any money on average?
Suppose that a lottery has the following odds: Amount Won Probability of Winning 3/5 1/5 5 1/10 10 3/50 9/250 100 1/250 1. If you pay $5 to play this game, what is the expected amount of money you would gain after playing? 2. What amount of money should you pay if you don't want to lose any money on average?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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Transcribed Image Text:Suppose that a lottery has the following odds:
Amount Won Probability of Winning
3/5
1/5
5
1/10
10
3/50
9/250
100
1/250
1. If you pay $5 to play this game, what is the expected amount of money you would gain after playing?
2. What amount of money should you pay if you don't want to lose any money on average?
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