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Lottery: In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $550, which is a profit of $549. If you lose, you lose $1. Your probability of winning is 0.001. Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is X G

Lottery: In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $550, which is a profit of $549. If you lose, you lose $1. Your probability of winning is 0.001. Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is X G

MATLAB: An Introduction with Applications
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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Lottery: In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $550, which is a profit of $549. If you lose, you lose $1. Your probability of winning is 0.001. Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is X
Transcribed Image Text:Lottery: In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $550, which is a profit of $549. If you lose, you lose $1. Your probability of winning is 0.001. Part: 0/2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is X
(a) What is the expected value of your profit? (b) Is it an expected gain or an expected loss?
Transcribed Image Text:(a) What is the expected value of your profit? (b) Is it an expected gain or an expected loss?
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