A lottery offers one $900 prize, one $700 prize, two $400 prizes, and four $200 prizes.One thousand tickets are sold at $6 each. Find the expectation if a person buys twotickets. Assume that the player's ticket is replaced after each draw and that the sameticket can win more than one prize. Round to two decimal places for currency problems.

The expected value formula is E(X) = [X . P(x)] Where X is outcome of trials P(x)…

Answered: A lottery offers one $900 prize, one…

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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Express all answers as decimals rounded to 3 decimal places, if needed. Express percentages as decimals (instead of 25.6%, use .256) Cell phone users in Boise can choose between three carriers: Sprint, AT&T, and Verizon. Advertising by all three companies results in a continual shift of customers. Each year, Sprint loses 30% of customers to AT&T and 30% to Verizon. AT&T loses 20% to Sprint and 10% to Verizon. Verizon loses 25% to Sprint and 25% to AT&T. Currently, Sprint has 25% of the market, AT&T has 35%, and Verizon has 40%. Use the order Sprint (S), AT&T (A), Verizon (V) throughout this assignment. 1. State the probability vector: 2. Create the transition matrix, labeling rows and columns, and draw the transition diagram. Create your matrix with the rows ordered S, A, and V, and columns ordered S, A, and V. 3. Assume that for 5 years this trend continues. State the transition matrix after 5 years. 4. What is the market share for each company after 5 years? Sprint: AT&T: Verizon: 5.…
Miguel is playing a game in which a box contains four chips with numbers written on them. Two of the chips have the number 1, one chip has the number 3, and the other chip has the number 5. Miguel must choose two chips, and if both chips have the same number, he wins $2. If the two chips he chooses have different numbers, he loses $1 (–$1). Let X = the amount of money Miguel will receive or owe. Fill out the missing values in the table. (Hint: The total possible outcomes are six because there are four chips and you are choosing two of them.) Xi 2 –1 P(xi) What is Miguel’s expected value from playing the game? Based on the expected value in the previous step, how much money should Miguel expect to win or lose each time he plays? What value should be assigned to choosing two chips with the number 1 to make the game fair? Explain your answer using a complete sentence and/or an equation. A game at the…
Meet Kevin and Martha. Kevin is 35 years of age, and Martha is 37. They are planning to begin a family within the next year. Right now, they do not have any personal insurance policies at all. Both do have life insurance policies (in the amounts of $100 000 and $120 000 respectively) provided as employment benefits by their employers. Kevin earns $75 000 annually and Martha earns $100 000 annually. They own a modest home in North York worth $700 000, and their mortgage is approximately $400 000. They have no other significant debt outstanding. Given that they plan to start their family in the next year, and want two children, what are your thoughts about their existing insurance coverage. Create an argument for them showing that either they have enough insurance, too much insurance, or insufficient insurance.
Carl was competing on a game show, and he ran into a losing streak. First, he bet half of his money on one question and lost it. Then he lost one fourth of his remaining money on another question. Then he lost $300 on another question. Then he lost two-thirds of his remaining money on another question. Finally, he got a question right and won $200. At this point, the show ended, and he had $800 left. How much did he have before his losing streak began?
If the option will cost the investor an additional $10,000, should the investor purchase the option?
What value would you project for a share of stock at the beginning of year 3?$
Suppose a company offers you a job which will last only 100 days. The job pays $110 the first day and increases by $2.50 a day. a. What will you earn on the 100h day?
Suppose you start a company to make a phone application. You pay a developer $4,048 to create the app. You pay a hosting company $45/month to host your users data. You sell the app at $2 per download. How many downloads must you get to break even at the end of your first year of business? Your Answer: Answer
if you work for a non-profit and you want to (and its legal) to run your own lottery. Suppose you need to collect at least $25,000. Design a lottery to allow you to achieve your goal. HOw many tickets would you sell? How many prices ( and for how much ) would you have? How much would you charge per ticket?
A company's sales in Seattle were $390,000 in 2012, while their sales in Portland were $270,000 for the same year. Complete the following statements:a. Seattle's sales were % larger than Portland's.b. Portland sales were % smaller than Seattle's.c. Portland sales were % of Seattle's.Give answers accurate to at least one decimal place.
According to one study, the average monthly cell phone bill in a certain country is $70 (up 31% since 2009). If an 18-year old student with an average bill gives up his cell phone and each month invests the $70 he would have spent on his phone bill in a savings plan that averages a 4% annual return, how much will he have saved by the time he is 70? He will have saved $by the time heis 70. (Round to the nearest cent as needed.)

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