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 (cash prize, $). Grand prize 200,000 P(x) 0.00000000687 0.00000034 10,000 0.000001846 100 0.000146681 7 0.004408777

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
100%
What is the correct interpretation of the expected cash prize?
A. You will win $0.30 on every lottery ticket.
B. On average, you will profit $0.30 per lottery ticket.
C. On average, you will win $0.30 per lottery ticket.
The expected profit from one $1 ticket is $
Transcribed Image Text:What is the correct interpretation of the expected cash prize? A. You will win $0.30 on every lottery ticket. B. On average, you will profit $0.30 per lottery ticket. C. On average, you will win $0.30 per lottery ticket. The expected profit from one $1 ticket is $
(cash prize, $)
Grand prize
200,000
10,000
100
P(x)
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.
0.00000000687
0.00000034
0.000001846
0.000146681
7
0.004408777
4
0.007671659
0.01847131
0.96929938013
3
Transcribed Image Text:(cash prize, $) Grand prize 200,000 10,000 100 P(x) 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. 0.00000000687 0.00000034 0.000001846 0.000146681 7 0.004408777 4 0.007671659 0.01847131 0.96929938013 3
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman