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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) 0.00000000817 0.00000023 10,000 0.000001786 0.000135102 0.005004448 100 7 0.007306869 3 0.01155761 0.97599394683 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ . (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? O A. On average, you will win $0.28 per lottery ticket. O B. On average, you will profit $0.28 per lottery ticket. O C. You will win $0.28 on every lottery ticket.

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) 0.00000000817 0.00000023 10,000 0.000001786 0.000135102 0.005004448 100 7 0.007306869 3 0.01155761 0.97599394683 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ . (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? O A. On average, you will win $0.28 per lottery ticket. O B. On average, you will profit $0.28 per lottery ticket. O C. You will win $0.28 on every lottery ticket.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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 P(x) 0.00000000817 200,000 0.00000023 10,000 0.000001786 100 0.000135102 7 0.005004448 4 0.007306869 0.01155761 0.97599394683 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ |: (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? A. On average, you will win $0.28 per lottery ticket. B. On average, you will profit $0.28 per lottery ticket. C. You will win $0.28 on every lottery ticket.
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) 0.00000000817 200,000 0.00000023 10,000 0.000001786 100 0.000135102 7 0.005004448 4 0.007306869 0.01155761 0.97599394683 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ |: (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? A. On average, you will win $0.28 per lottery ticket. B. On average, you will profit $0.28 per lottery ticket. C. You will win $0.28 on every lottery ticket.
The expected profit from one $1 ticket is $ (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $ (c) Does the size of the grand prize affect your chance of winning? Explain. A. No, because your chance of winning is determined by the properties of the lottery, not the payouts. B. Yes, because your expected profit increases as the grand prize increases. C. No, because the expected profit is always $0 no matter what the grand prize is.
Transcribed Image Text:The expected profit from one $1 ticket is $ (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $ (c) Does the size of the grand prize affect your chance of winning? Explain. A. No, because your chance of winning is determined by the properties of the lottery, not the payouts. B. Yes, because your expected profit increases as the grand prize increases. C. No, because the expected profit is always $0 no matter what the grand prize is.
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