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1 chance in 100,000,000 1 chance in 30,000,000 1 chance in 4,000,000 1 chance in 800,000 $70 1 chance in 7,000 ed value (in dollars) of the amount w

1 chance in 100,000,000 1 chance in 30,000,000 1 chance in 4,000,000 1 chance in 800,000 $70 1 chance in 7,000 ed value (in dollars) of the amount w

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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Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $25,000,000 1 chance in 300,000,000 $250,000 1 chance in 100,000,000 $50,000 1 chance in 30,000,000 $20,000 1 chance in 4,000,000 $800 1 chance in 800,000 A watch valued at $70 1 chance in 7,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents) Give your answers to at least 4 decimal places.
Transcribed Image Text:Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $25,000,000 1 chance in 300,000,000 $250,000 1 chance in 100,000,000 $50,000 1 chance in 30,000,000 $20,000 1 chance in 4,000,000 $800 1 chance in 800,000 A watch valued at $70 1 chance in 7,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents) Give your answers to at least 4 decimal places.
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