Four Numbers - Expected Value According to the Michigan Lottery the best odds of winning are when you pick four numbers. If all four numbers come up then you win $72 for each dollar you bet. If three numbers come up then you win $5 for each dollar you bet. If two numbers come up then you win $1 for every dollar you bet (net winnings are zero). Otherwise, you lose the money you bet. Fill out the following table, assuming a $1 bet. Enter your probabilities as decimals, entering all the digits you see on your calculator. Outcome Probability Net Value (Don't forget to account for the $1 bet) Product (Round to 3 decimals) 4 correct $ $ 3 correct $ $ 2 correct $ $ 0 or 1 correct $ $
Four Numbers - Expected Value According to the Michigan Lottery the best odds of winning are when you pick four numbers. If all four numbers come up then you win $72 for each dollar you bet. If three numbers come up then you win $5 for each dollar you bet. If two numbers come up then you win $1 for every dollar you bet (net winnings are zero). Otherwise, you lose the money you bet. Fill out the following table, assuming a $1 bet. Enter your probabilities as decimals, entering all the digits you see on your calculator. Outcome Probability Net Value (Don't forget to account for the $1 bet) Product (Round to 3 decimals) 4 correct $ $ 3 correct $ $ 2 correct $ $ 0 or 1 correct $ $
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter6: Ratio, Proportion, And Probability
Section6.8: The Multiplication Principle
Problem 18E
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Four Numbers - Expected Value
According to the Michigan Lottery the best odds of winning are when you pick four numbers. If all four numbers come up then you win $72 for each dollar you bet. If three numbers come up then you win $5 for each dollar you bet. If two numbers come up then you win $1 for every dollar you bet (net winnings are zero). Otherwise, you lose the money you bet.
Fill out the following table, assuming a $1 bet. Enter your probabilities as decimals, entering all the digits you see on your calculator.
Outcome |
Probability
|
Net Value (Don't forget to account for the $1 bet) |
Product (Round to 3 decimals) |
4 correct |
|
$
|
$
|
3 correct |
|
$
|
$
|
2 correct |
|
$
|
$
|
0 or 1 correct |
|
$
|
$ |
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