A lottery has a grand prize jackpot worth 60 million dollars. The chance of winning from purchasing a single ticket is 1 in 29100000. (a) What is the expected value of winning from a single ticket? (Round your answer to the nearest cent.) The expected value of winning is: ? in dollars (b) Would it be worth to buy a ticket for 1 dollar? Yes No

A lottery has a grand prize jackpot worth 60 million dollars. The chance of winning from purchasing a single ticket is 1 in 29100000. (a) What is the expected value of winning from a single ticket? (Round your answer to the nearest cent.) The expected value of winning is: ? in dollars (b) Would it be worth to buy a ticket for 1 dollar? Yes No

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...

See similar textbooks

Similar questions

(5 please answer the questions in a ABCD form THANK YOU FOR YOUR HELP!! (Please igonore number on screen)
Amita pays $0.78 to play a game at a local fair that involves receiving the number of quarters that corresponds to the number that comes up on the roll of a die. Using the expected value of the game, compute the expected gain or loss for Amita. Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, before entering it in the box below. A negative final answer indicates an expected loss for Amita for playing the game.
Answer 18
Use the empirical probability formula to solve the exercise. Express the answer as a fraction. Then express the probability as a decimal, rounded to the nearest thousandth, if necessary. In 1999 the stock market took big swings up and down. A survey of 979 adult investors asked how often they tracked their portfolio. The table shows the investor responses. What is the probability that an adult investor tracks his or her portfolio daily?
Solve with all details and explanation. PLease Provide Handwritten Answer
Find the probability that the sum is as stated when a pair of dice is rolled. (Enter your answers as fractions.) (a) even and doubles(b) even or doubles
You toss a coin and randomly select a number from 0 to 9. What is the probability of getting tails and selecting a 2 ? Choose the correct probability below. (a) 0.05 (b) 0.25 (c) 0 (d) 0.95
Find the probability and interpret the results. If convenient, use technology to find the probability. The population mean annual salary for environmental compliance specialists is about $60,500. A random sample of 44 specialists is drawn from this population. What is the probability that the mean salary of the sample is less than $57,500? Assume σ = $6,500. The probability that the mean salary of the sample is less than $57,500 is (Round to four decimal places as needed.) Interpret the results. Choose the correct answer below. A. Only 11% of samples of 44 specialists will have a mean salary less than $57,500. This is an extremely unusual event. ○ B. Only 0.11% of samples of 44 specialists will have a mean salary less than $57,500. This is an extremely unusual event. ○ C. About 11% of samples of 44 specialists will have a mean salary less than $57,500. This is not an unusual event. D. About 0.11% of samples of 44 specialists will have a mean salary less than $57,500. This is not an…
Amita pays $0.73 to play a game at a local fair that involves receiving the number of quarters that corresponds to the number that comes up on the roll of a die. Using the expected value of the game, compute the expected gain or loss for Amita. Note: Please avoid rounding numbers in the middle of your calculations. However, round your final answer to two decimal places, before entering it in the box below. A negative final answer indicates an expected loss for Amita for playing the game.
You have just stepped into the tub to take a shower when one of your contact lenses falls out. (You have not turned the shower on yet.) Assuming that the lens is equally likely to land anywhere on the bottom of the tub, what is the probability (expressed as a PERCENT to the nearest TENTH) that it landed in the drain? Use the dimensions shown in the image below. Diagram is not drawn to scale. 36 in. - Drain: 4 in. in diameter 30 in.
Insurance: An insurance company sells a 1-year term life insurance policy to an 80-year-old woman. The woman pays a premium of $4000. If she dies within 1 year, the company will pay $53,000 to her beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 80-year-old woman will be alive 1 year later is 0.9259. Let X be the profit made by the insurance company. Part: 0 / 2 Part 1 of 2 (a) Find the probability distribution. The probability distribution is X P(x) 4000 ☑
A lottery has a grand prize jackpot worth 70 million dollars. The chance of winning from purchasing a single ticket is 1 in 20800000.(a) What is the expected value of winning from a single ticket? (Round your answer to the nearest cent.)The expected value of winning is: dollars(b) Would it be worth to buy a ticket for 2 dollars? Yes No