A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per week? Should you actually expect to win or lose this amount? Explain. The expected value of the winnings for a single ticket is $. (Round to the nearest cent as needed.) Prize Probability $1,000,000 1 in 100,000,001 $100,000 1 in 50,000,001 $1000 1 in 25,000,001 ...
A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per week? Should you actually expect to win or lose this amount? Explain. The expected value of the winnings for a single ticket is $. (Round to the nearest cent as needed.) Prize Probability $1,000,000 1 in 100,000,001 $100,000 1 in 50,000,001 $1000 1 in 25,000,001 ...
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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Transcribed Image Text:A lottery posted the probabilities of winning each prize and the prize
amounts as shown in the chart to the right. Suppose that one lottery
ticket costs $1. Find the expected value of the winnings for a single
ticket. Then state how much you can expect to win or lose each
year if you buy 10 lottery tickets per week? Should you actually
expect to win or lose this amount? Explain.
The expected value of the winnings for a single ticket is $
(Round to the nearest cent as needed.)
5
Probability
Prize
$1,000,000 1 in 100,000,001
$100,000
1 in 50,000,001
1 in 25,000,001
$1000
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