UC ttery: In the New York State Numbers lottery, you pay $1 and can bet that the sum of the numbers that come up is 13. The bability of winning is 0.06, and if you win, you win $9.50, which is a profit of $ 8.5. If you lose, you lose $1 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is-0.43 Part: 1/ 2 Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected (Choose one) of $

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 19E: Lottery In a 6/49 lottery game, a player pays $1 and selects six numbers from 1 to 49. Any player...
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UC
ttery: In the New York State Numbers lottery, you pay $1 and can bet that the sum of the numbers that come up is 13. The
bability of winning is 0.06, and if you win, you win $9.50, which is a profit of $ 8.5. If you lose, you lose $1
Part 1 of 2
(a) What is the expected value of your profit? Round the answer to two decimal places.
The expected value of profit is-0.43
Part: 1/ 2
Part 2 of 2
(b) Is it an expected gain or an expected loss? Round the answer to two decimal places.
This is an expected (Choose one)
of $
Transcribed Image Text:UC ttery: In the New York State Numbers lottery, you pay $1 and can bet that the sum of the numbers that come up is 13. The bability of winning is 0.06, and if you win, you win $9.50, which is a profit of $ 8.5. If you lose, you lose $1 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is-0.43 Part: 1/ 2 Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places. This is an expected (Choose one) of $
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