A lottery with various prizes is shown in the table below. The probability of winning each prize is included. Prize Probability .0000000148 $1,000,000 $2,000 $500 $10 $0 .000816 .0025 .049 .94768 If the lottery costs $1 per ticket, what is the expected net cash if you buy one ticket? Please remember to factor in the cost of playing. Round to the nearest cent. Expected Net Cash = $

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
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A lottery with various prizes is shown in the table below. The probability of winning each prize is included.
Prize
Probability
.0000000148
$1,000,000
$2,000
$500
$10
$0
.000816
.0025
.049
.94768
If the lottery costs $1 per ticket, what is the expected net cash if you buy one ticket? Please remember to
factor in the cost of playing. Round to the nearest cent.
Expected Net Cash = $
Transcribed Image Text:A lottery with various prizes is shown in the table below. The probability of winning each prize is included. Prize Probability .0000000148 $1,000,000 $2,000 $500 $10 $0 .000816 .0025 .049 .94768 If the lottery costs $1 per ticket, what is the expected net cash if you buy one ticket? Please remember to factor in the cost of playing. Round to the nearest cent. Expected Net Cash = $
Expert Solution
Step 1

From the provided information,

Prize Probability
$1,000,000 0.0000000148
$2,000 0.000816
$500 0.0025
$10 0.049
$0 0.94768

The lottery costs $1 per ticket.

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