Classwork(expectation7) In a lottery every week, 2,000,000 tickets are sold for $1.apiece. If 4,000 of these tickets pay off $30 each, 500 pay off $800 each,one ticket pays off $1,200,000, and no ticket pays off more than one prize,what is the expected value of the winning amount for a player with asingle ticket?

Total number of tickets sold, N=2,000,000The ticket price for each ticket is $1The number of tickets…

Answered: (expectation7) In a lottery every week,…

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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In a game of one-spot Keno, a card is purchased for $1.00. It allows a player to choose one number from 1 to 80. The dealer then chooses twenty numbers at random from 1 to 80. If the player's number is among the numbers chosen by the dealer then the player is paid $3.00, but does not get to keep the $1.00 paid to play the game. What is the expected value of buying one card?
In a game of one-spot Keno, a card is purchased for $1.00. It allows a player to choose one number from 1 to 80. The dealer then chooses twenty numbers at random from 1 to 80. If the player's number is among the numbers chosen by the dealer then the player is paid $3.90, but does not get to keep the $1.00 paid to play the game.What is the expected value of buying one card?
Payoffs in this lottery are given by the following: p(x) $100 .15 $60 .25 $20 .10 $10 .30 $40 .20 a) Find this lottery's expected value b) Find the probability that a person will win more than $20.
Five thousand tickets are sold at $1 each for a charity raffle. Tickets are to be drawn at random and monetary prizes awarded as follows: 1 prize of$800,3 prizes of$100,5 prizes of $20,and 20 prizes of $5. What is the expected value of this raffle if you buy 1 ticket?
At a raffle, 10,000 tickets are sold at $5 each for three prizes valued at $4,800, $1,200, and $400. What is the expected value of one ticket?
Five hundred raffle tickets are sold for $1 each, for a first prize of $200 and two second prizes of $50 each. What is the expected value if you purchase one ticket?
A gambler flips a coin 100 times. She wins $1 if the coin lands on heads and loses $1 if it lands on tails. What is the expected value of the gambler's winnings?
Suppose you buy 1 ticket for $1 out of a lottery of 400 tickets with only 1 being the winning ticket. The prize for the one winning ticket is $100. What is your expected value in dollar? Round your value to 0.01 dollar. For example, -0.50 means losing half a dollar.
A box contains one each of $1, $5, $10, $20, and $100 bills. It costs $12 to reach in and withdraw one bill. What is the expected value? $
Robert bought a $3 lottery ticket such that 1 in 100 would win $9, 1 in 1000 would win $120, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets?
An exclusive raffle is being held where only 7 tickets are available. The raffle is free to enter. If you choose to play, you could win $7 or lose $3. Three tickets are winning tickets and you will win $7 if your ticket is drawn. Four tickets are losing tickets where you must pay $3 if your ticket is drawn. What is the expected return if you enter the raffle?

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