Concept explainers
Find the expected winnings from the lottery.
Check whether it is worth 33 cents to enter this lottery or not.
Answer to Problem 180SE
The expected winning from the lottery is $0.031.
Explanation of Solution
Calculation:
Mean:
For a discrete random variable Y and probability
The number of combinations that contains two alphabets and four numbers is,
The probability of first price is,
The probability of second price is,
The probability of third price is,
The expected winning from the lottery is,
Hence, the expected winning from the lottery is $0.031.
It is clear that expected winning from the lottery is $0.031 which means 3 cents
Hence, the expected winning from the lottery is very less than the price of lottery.
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Chapter 3 Solutions
Mathematical Statistics with Applications
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