) Does the size of the grand prize affect your chance of winning? Explain. OA. No, because the expected profit is always $0 no matter what the grand prize is. OB. No, because your chance of winning is determined by the properties of the lotter OC. Yes, because your expected profit increases as the grand prize increases.
) Does the size of the grand prize affect your chance of winning? Explain. OA. No, because the expected profit is always $0 no matter what the grand prize is. OB. No, because your chance of winning is determined by the properties of the lotter OC. Yes, because your expected profit increases as the grand prize increases.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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Problem 1P
Related questions
Question
Please help answer (c) on my practice homework
**THIS IS NOT A GRADED QUESTION**
![x (cash prize, $)
Grand prize
For a multistate lottery, the following probability
distribution represents the cash prizes of the lottery
with their corresponding probabilities. Complete parts
(a) through (c) below.
(x)
200,000
0.00000025
0.000146059
0.003645779
4
0.006812266
0.01694146
3.
0.97245257524
(a) If the grand prize is $15,000,000, find and interpret the expected cash prize. If a ticket costs $1, w
The expected cash prize is $ 0.27. (Round to the nearest cent as needed.)
What is the correct interpretation of the expected cash prize?
O A. On average, you will profit $0.27 per lottery ticket.
B. On average, you will win $0.27 per lottery ticket.
C. You will win $0.27 on every lottery ticket.
The expected profit from one $1 ticket is $ =0.73
(b) To the nearest million, how much should the grand prize be so that you can expect a profit?
0000000
(c) Does the size of the grand prize affect your chance of winning? Explain.
O A. No, because the expected profit is always $0 no matter what the grand prize is.
O B. No, because your chance of winning is determined by the properties of the lottery, not the payouts.
OC. Yes, because your expected profit increases as the grand prize increases.
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Transcribed Image Text:x (cash prize, $)
Grand prize
For a multistate lottery, the following probability
distribution represents the cash prizes of the lottery
with their corresponding probabilities. Complete parts
(a) through (c) below.
(x)
200,000
0.00000025
0.000146059
0.003645779
4
0.006812266
0.01694146
3.
0.97245257524
(a) If the grand prize is $15,000,000, find and interpret the expected cash prize. If a ticket costs $1, w
The expected cash prize is $ 0.27. (Round to the nearest cent as needed.)
What is the correct interpretation of the expected cash prize?
O A. On average, you will profit $0.27 per lottery ticket.
B. On average, you will win $0.27 per lottery ticket.
C. You will win $0.27 on every lottery ticket.
The expected profit from one $1 ticket is $ =0.73
(b) To the nearest million, how much should the grand prize be so that you can expect a profit?
0000000
(c) Does the size of the grand prize affect your chance of winning? Explain.
O A. No, because the expected profit is always $0 no matter what the grand prize is.
O B. No, because your chance of winning is determined by the properties of the lottery, not the payouts.
OC. Yes, because your expected profit increases as the grand prize increases.
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