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For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. x (cash prize, $) Grand prize 200,000 P(x) 0.00000000771 0.00000034 10,000 0.000001877 100 0.000167397 7 0.005822825 4 0.007060713 3 0.01314626 0.97380058029 ... un average, you wili win pu.32 per iottery licket. C. On average, you will profit $0.32 per lottery ticket. The expected profit from one $1 ticket is $ – 0.68 . (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $4

For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. x (cash prize, $) Grand prize 200,000 P(x) 0.00000000771 0.00000034 10,000 0.000001877 100 0.000167397 7 0.005822825 4 0.007060713 3 0.01314626 0.97380058029 ... un average, you wili win pu.32 per iottery licket. C. On average, you will profit $0.32 per lottery ticket. The expected profit from one $1 ticket is $ – 0.68 . (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $4

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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For a multistate​ lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts​ (a) through​ (c) below.
  
For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. x (cash prize, $) Grand prize P(x) 0.00000000771 200,000 0.00000034 10,000 0.000001877 100 0.000167397 7 0.005822825 4 0.007060713 3 0.01314626 0.97380058029 Un average, you will win Du.32 per ioltery ticket. C. On average, you will profit $0.32 per lottery ticket. The expected profit from one $1 ticket is $ -0.68 (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $
Transcribed Image Text:For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. x (cash prize, $) Grand prize P(x) 0.00000000771 200,000 0.00000034 10,000 0.000001877 100 0.000167397 7 0.005822825 4 0.007060713 3 0.01314626 0.97380058029 Un average, you will win Du.32 per ioltery ticket. C. On average, you will profit $0.32 per lottery ticket. The expected profit from one $1 ticket is $ -0.68 (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $
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