4. chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise you win nothing. Let the random variable X represent your net winnings on one ticket. Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40% (a) Create the probability distribution table for X. (b) Compute E(X), the expected value of X. (c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100- ie X>-3), what is the probability that you actually made a profit on the ticket (ie. X> 0)?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Answer 3rd one.

4.
Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40%
chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise
you win nothing. Let the random variable X represent your net winnings on one ticket.
(a) Create the probability distribution table for X.
(b) Compute E(X), the expected value of X.
(c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100 - ie X>-3), what is
the probability that you actually made a profit on the ticket (ie. X> 0)?
Transcribed Image Text:4. Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40% chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise you win nothing. Let the random variable X represent your net winnings on one ticket. (a) Create the probability distribution table for X. (b) Compute E(X), the expected value of X. (c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100 - ie X>-3), what is the probability that you actually made a profit on the ticket (ie. X> 0)?
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