Supppose that $1 lottery tickets have the following probabilities and values: An average of 1 in 5 players will win $4. An average of 1 in 100 players will win $8. An average of 1 in 100,000 players will win $989. An average of 1 in 10,000,000 players will win $948,955, What is the expected value of a lottery ticket (to the consumer)?
Supppose that $1 lottery tickets have the following probabilities and values: An average of 1 in 5 players will win $4. An average of 1 in 100 players will win $8. An average of 1 in 100,000 players will win $989. An average of 1 in 10,000,000 players will win $948,955, What is the expected value of a lottery ticket (to the consumer)?
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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Supppose that $1 lottery tickets have the following probabilities and values:
An average of 1 in 5 players will win $4.
An average of 1 in 100 players will win $8.
An average of 1 in 100,000 players will win $989.
An average of 1 in 10,000,000 players will win $948,955,
What is the expected value of a lottery ticket (to the consumer)?
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