a) If the grand prize is $12,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? he expected cash prize is $. (Round to the nearest cent as needed.)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Question
100%
(cash prize, $)
Grand prize
P(x)
For a multistate lottery, the following probability
distribution represents the cash prizes of the lottery
with their corresponding probabilities. Complete parts
(a) through (c) below.
0.00000000687
200,000
0.00000034
10,000
100
0.000001846
0.000146681
0.004408777
4
0.007671659
0.01847131
0.96929938013
3
Transcribed Image Text:(cash prize, $) Grand prize P(x) For a multistate lottery, the following probability distribution represents the cash prizes of the lottery with their corresponding probabilities. Complete parts (a) through (c) below. 0.00000000687 200,000 0.00000034 10,000 100 0.000001846 0.000146681 0.004408777 4 0.007671659 0.01847131 0.96929938013 3
(a) If the grand prize is $12,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket?
The expected cash prize is $ . (Round to the nearest cent as needed.)
Transcribed Image Text:(a) If the grand prize is $12,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ . (Round to the nearest cent as needed.)
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