Suppose thata lottery has the following odds: Amount Won Probability of Winning 0 3/5 2 1/5 1/10 5 10 3/50 50 9/250 1/250 100 1. If you pay $3 to play this game, what is the ex

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.3: Binomial Probability
Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...
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Suppose that a lottery has the following odds:

1) If you pay $3 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 thata lottery has the following odds:
Amount Won Probability of Winning
0
3/5
2
1/5
1/10
5
10
3/50
50
9/250
1/250
100
1. If you pay $3 to play this game, what is the ex
Transcribed Image Text:Suppose thata lottery has the following odds: Amount Won Probability of Winning 0 3/5 2 1/5 1/10 5 10 3/50 50 9/250 1/250 100 1. If you pay $3 to play this game, what is the ex
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