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A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 35,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. (Round to the nearest tenth as needed.) b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3¢). ¢(Round to the nearest tenth as needed.) Is it worth entering this contest? O A. No. It is not worth entering this contest because the new expected value is positive. B. No. It is not worth entering this contest because the new expected value is negative. C. Yes. It is worth entering this contest because the new expected value is negative. O D. Yes. It is worth entering this contest because the new expected value is positive.

A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 35,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. (Round to the nearest tenth as needed.) b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3¢). ¢(Round to the nearest tenth as needed.) Is it worth entering this contest? O A. No. It is not worth entering this contest because the new expected value is positive. B. No. It is not worth entering this contest because the new expected value is negative. C. Yes. It is worth entering this contest because the new expected value is negative. O D. Yes. It is worth entering this contest because the new expected value is positive.

MATLAB: An Introduction with Applications
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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A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 35,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. ¢(Round to the nearest tenth as needed.) b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3¢). ¢(Round to the nearest tenth as needed.) Is it worth entering this contest? O A. No. It is not worth entering this contest because the new expected value is positive. B. No. It is not worth entering this contest because the new expected value is negative. C. Yes. It is worth entering this contest because the new expected value is negative. D. Yes. It is worth entering this contest because the new expected value is positive.
Transcribed Image Text:A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 35,667,000), and $2,500 (1 chance in 27,500,000). Complete a and b. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. ¢(Round to the nearest tenth as needed.) b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3¢). ¢(Round to the nearest tenth as needed.) Is it worth entering this contest? O A. No. It is not worth entering this contest because the new expected value is positive. B. No. It is not worth entering this contest because the new expected value is negative. C. Yes. It is worth entering this contest because the new expected value is negative. D. Yes. It is worth entering this contest because the new expected value is positive.
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