A lottery game offers $2 million to the grand prize winner, $20 to each of 10,000 second prize winners, and $4 to each of the 50,000 third prize winners. The cost of the lottery is $2 per ticket, Suppose that 1.5 million tickets are sold. What is the expected gain or loss of a ticket? Outcome Payout Probability The expected value is (give the amount), which is a (gain or loss).
A lottery game offers $2 million to the grand prize winner, $20 to each of 10,000 second prize winners, and $4 to each of the 50,000 third prize winners. The cost of the lottery is $2 per ticket, Suppose that 1.5 million tickets are sold. What is the expected gain or loss of a ticket? Outcome Payout Probability The expected value is (give the amount), which is a (gain or loss).
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
Related questions
Concept explainers
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Topic Video
Question
![A lottery game offers $2 million to the grand prize winner, $20 to each of 10,000 second
prize winners, and $4 to each of the 50,000 third prize winners. The cost of the lottery is
$2 per ticket, Suppose that 1.5 million tickets are sold. What is the expected gain or loss
of a ticket?
Outcome
Payout
Probability
The expected value is
(give the amount), which is a
(gain or loss).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ba9c8f5-79d8-4d9c-8442-4e4cc6bbeb9b%2F124bae99-d91d-48a9-842d-6d841ac26e5f%2F7cu249u_processed.png&w=3840&q=75)
Transcribed Image Text:A lottery game offers $2 million to the grand prize winner, $20 to each of 10,000 second
prize winners, and $4 to each of the 50,000 third prize winners. The cost of the lottery is
$2 per ticket, Suppose that 1.5 million tickets are sold. What is the expected gain or loss
of a ticket?
Outcome
Payout
Probability
The expected value is
(give the amount), which is a
(gain or loss).
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
![Holt Mcdougal Larson Pre-algebra: Student Edition…](https://www.bartleby.com/isbn_cover_images/9780547587776/9780547587776_smallCoverImage.jpg)
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
![Holt Mcdougal Larson Pre-algebra: Student Edition…](https://www.bartleby.com/isbn_cover_images/9780547587776/9780547587776_smallCoverImage.jpg)
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![College Algebra (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305652231/9781305652231_smallCoverImage.gif)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
![Algebra and Trigonometry (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305071742/9781305071742_smallCoverImage.gif)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning