You have u= x^(1/2) with x0= $10,000. You can keep this10,000 and gain u = 100 or participate in a game. In this gamble, you can buy a lottery ticket. You might win a prize of 4 million. Lottery operators tell you that there will be N tickets sold. Your chances of winning are π = 1/N. What is the largest number of tickets N that would make you play this game? Briefly explain why N is such a small number. No diagram required.
You have u= x^(1/2) with x0= $10,000. You can keep this10,000 and gain u = 100 or participate in a game. In this gamble, you can buy a lottery ticket. You might win a prize of 4 million. Lottery operators tell you that there will be N tickets sold. Your chances of winning are π = 1/N. What is the largest number of tickets N that would make you play this game? Briefly explain why N is such a small number. No diagram required.
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.3: Using Data Displays
Problem 2C
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You have u= x^(1/2) with x0= $10,000. You can keep this10,000 and gain u = 100 or participate in a game. In this gamble, you can buy a lottery ticket. You might win a prize of 4 million. Lottery operators tell you that there will be N tickets sold. Your chances of winning are π = 1/N. What is the largest number of tickets N that would make you play this game? Briefly explain why N is such a small number. No diagram required.
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