Fundamentals of Statistics, Books a la Carte Edition Plus MyLab Statistics with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134763699
Author: Michael Sullivan III
Publisher: PEARSON
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Textbook Question
Chapter 6.1, Problem 31AYU
Powerball Powerball is a multistate lottery. The following probability distribution represents the cash prizes of Powerball with their corresponding probabilities,
X (cash prize, $) | P(x) |
Grand prize | 0.00000000684 |
200,000 | 0.00000028 |
10,000 | 0.000001711 |
100 | 0.000153996 |
7 | 0.004778961 |
4 | 0.007881463 |
3 | 0.01450116 |
0 | 0.9726824222 |
source: www.powerball.com |
- a. If the grand prize is $15,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket?
- b. To the nearest million, how much should the grand prize be so that you can expect a profit? Assume nobody else wins so that you do not have to share the grand prize.
- c. Does the size of the grand prize affect your chance of winning? Explain.
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Fundamentals of Statistics, Books a la Carte Edition Plus MyLab Statistics with Pearson eText -- Access Card Package (5th Edition)
Ch. 6.1 - What is a random variable?Ch. 6.1 - What is the difference between a discrete random...Ch. 6.1 - What are the two requirements for a discrete...Ch. 6.1 - In your own words, provide an interpretation of...Ch. 6.1 - In Problems 58, determine whether the random...Ch. 6.1 - In Problems 58, determine whether the random...Ch. 6.1 - In Problems 58, determine whether the random...Ch. 6.1 - In Problems 58, determine whether the random...Ch. 6.1 - In Problems 914, determine whether the...Ch. 6.1 - In Problems 914, determine whether the...
Ch. 6.1 - In Problems 914, determine whether the...Ch. 6.1 - In Problems 914, determine whether the...Ch. 6.1 - In Problems 914, determine whether the...Ch. 6.1 - In Problems 914, determine whether the...Ch. 6.1 - In Problems 15 and 16, determine the required...Ch. 6.1 - In Problems 15 and 16, determine the required...Ch. 6.1 - NW Televisions In the Sullivan Statistics Survey...Ch. 6.1 - Marriage In the following probability...Ch. 6.1 - Ichiros Hit Parade In the 2004 baseball season,...Ch. 6.1 - Waiting in Line A Wendys manager performed a study...Ch. 6.1 - In Problems 21 and 22, (a) construct a discrete...Ch. 6.1 - In Problems 21 and 22, (a) construct a discrete...Ch. 6.1 - Number of Births The graph of the discrete...Ch. 6.1 - Rental Units The graph of the discrete probability...Ch. 6.1 - NW Life Insurance A life insurance company sells a...Ch. 6.1 - Life Insurance A life insurance company sells a...Ch. 6.1 - Blackjack Blackjack is a popular casino game in...Ch. 6.1 - Investment An investment counselor calls with a...Ch. 6.1 - Roulette In the game of roulette, a player can...Ch. 6.1 - Connecticut Lottery In the Cash Five Lottery in...Ch. 6.1 - Powerball Powerball is a multistate lottery. 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