Consider a broker who sells lottery tickets at a price of 1$. 10% of the tickets pay a "win" of 2$, 0.03% a win of 1000$.(When the ticket wins, the broker has to pay for it) The broker sells 500 tickets. Calculate the expectation of the profit of the broker. Calculate the probabilities that his total profit is larger than 300, and smaller than 0.

Consider a broker who sells lottery tickets at a price of 1$. 10% of the tickets pay a "win" of 2$, 0.03% a win of 1000$.(When the ticket wins, the broker has to pay for it) The broker sells 500 tickets. Calculate the expectation of the profit of the broker. Calculate the probabilities that his total profit is larger than 300, and smaller than 0.

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...

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