For a multistate lottery, the following probabilitydistribution represents the cash prizes of the lotterywith their corresponding probabilities. Complete parts(a) through (c) below.x (cash prize, $)Grand prizeP(x)0.00000000817200,0000.0000002310,0000.0000017861000.00013510270.00500444840.0073068690.011557610.97599394683(a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket?The expected cash prize is $ |: (Round to the nearest cent as needed.)What is the correct interpretation of the expected cash prize?A. On average, you will win $0.28 per lottery ticket.B. On average, you will profit $0.28 per lottery ticket.C. You will win $0.28 on every lottery ticket. The expected profit from one $1 ticket is $(b) To the nearest million, how much should the grand prize be so that you can expect a profit?$(c) Does the size of the grand prize affect your chance of winning? Explain.A. No, because your chance of winning is determined by the properties of the lottery, not the payouts.B. Yes, because your expected profit increases as the grand prize increases.C. No, because the expected profit is always $0 no matter what the grand prize is.

Answered: For a multistate lottery, the following…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

The table shows the probability distribution function for the number of high school years that students at a local high school study a single foreign language. Over the long run, the average number of years that we would expect students at this high school to study a single foreign language is:
You are playing a game where you draw a card from a standard deck, and you will win $7 if you draw a face card, $6 if you draw an ace and lose $2 if you draw any other card. Complete the probability distribution table. Let x be the winnings (which could be negative in the case of a loss). Remember to list the P(x) as a probability, not a percent. This problem is from the player's point of view. Card Face Ace Anything else $ x P(x) What is the expected gain from this game?
There are 6 radar stations and the probability of a single radar station detecting an enemy plane is 0.35. Identify the type of histogram for the probability distribution. P(r) 0.50 0.40 0.30 0.20 0.10 0.075 0 0.244 1 e. skewed left 0.328 2 0236 3 O a. symmetric O b. skewed right O c. uniform or rectangular Od. none of these choices 0.095 4 0.020 0.002 5 6 Number of radar stations r
Please help answer (c) on my practice homework **THIS IS NOT A GRADED QUESTION**
The Poisson probability distribution is a function of an integer variable. True or False
In Vancouver, Canada the probability of rain during a fall-winter day (FW) is 0.58, and during a spring- summer day (SS) the probability of rain is 0.25. For this problem, consider the probability of a day being either fall-winter (FW) or spring-summer (SS) in Vancouver as equal (0.5) during the year. Use this information to fill out the following probability tree; for each number on the tree branches or end points, write the corresponding probability for that branch or end point on the answer sheet: seasons SS (17) FW (18) weather not rainy (19) rainy (20) not rainy (21) rainy (22) combination SS & not raining (23) SS & rainy (24) FW & not rainy (25) FW & rainy (26) 27) On any given day of the whole year, what is the probability of it being rainy in Vancouver? 28) On any given day of the whole year, what is the probability of it not being rainy in Vancouver? 29) What is the name for the type of probabilities that are used in the second column of branches (weather) of this probability…
The following table represents the highest educational attainment of all adult residents in a certain town. If a resident who is 30-49 years old is chosen at random, what is the probability that they have completed a only high school or just some college? Round your answer to the nearest thousandth. High school only Some college Bachelor's degree Master's degree Total Age Age 20- 29 Age 30- 40- 39 49 1590 1368 285 2157 1306 824 1888 1049 568 1124 297 428 Age 50 & Total over 1974 5217 1012 5299 799 4304 981 2830 6759 4020 2105 4766 17650
A family has three children. If the genders of these children are listed in the order they are born, there are eight possible outcomes: BBB, BBG, BGB, BGG, GBB, GBG, GGB, and GGG. Assume these outcomes are equally likely. Let X represent the number of children that are girls. Find the probability distribution of X.
The following table shows the distribution of murders by type of weapon for murder cases in a particular country over the past Weapon 12 years. Complete parts (a) through (e). Probability Handgun Rifle Shotgun Unknown firearm Knives Hands, fists, etc. 0.472 0.024 0.034 0.144 0.133 0.055 Other 0.138 (a) Is the given table a probability model? Why or why not? O A. No; the probability of all events in the table is not greater than or equal to 0 and less than or equal to 1. O B. No; the sum of the probabilities of all outcomes does not equal 1. OC. No: the probability of all events in the table is not greater than or equal to 0 and less than or equal to 1, and the sum of the probabilities of all outcomes does not equal 1. OD. Yes; the rules required for a probability model are both met.
The following table lists the probability distributions of the winnings for one play of a game of chance. Winning $25 Probability 0 i 0.60 $1 0.25 $5 ? $10 0.05 0.01 What is the probability of winning no more than $5 in one play of this game?
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 P(x) 0.00000000754 0.00000022 200,000 10,000 0.000001609 100 0.000165272 7 0.003838136 4 0.008159473 3 0.01300172 0.97483356246 (a) If the grand prize is $18,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ (Round to the nearest cent as needed.)
Let X = {Email, In Person, Instant Message, Text Message}; P(Email) = 0.06 P(In Person) = 0.55 P(Instant Message) = 0.24 P(Text Message) = 0.15 Is this model a probability distribution? A. Yes. B. No. C. Maybe.

SEE MORE QUESTIONS

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

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

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

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

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

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

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS