Lottery: In the New York State Numbers lottery, you pay $2 and can bet that the sum of the numbers that come up is 13 . The probability of winning is 0.085 , and if you win, you win

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
Iv
Lottery: In the New York State Numbers lottery, you pay
$2
and can bet that the sum of the numbers that come up is
13
. The probability of winning is
0.085
, and if you win, you win
$9.50
, which is a profit of
$7.5
. If you lose, you lose
$2
(a) What is the expected value of your profit? Round the answer to two decimal places.
The expected value of profit is
Part: 1/2
1 of 2 Parts Complete
Part 2 of 2
(b) Is it an expected gain or an expected loss? Round the answer to two decimal places
This is an expected ▾ (Choose one) of
$
Transcribed Image Text:Lottery: In the New York State Numbers lottery, you pay $2 and can bet that the sum of the numbers that come up is 13 . The probability of winning is 0.085 , and if you win, you win $9.50 , which is a profit of $7.5 . If you lose, you lose $2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is Part: 1/2 1 of 2 Parts Complete Part 2 of 2 (b) Is it an expected gain or an expected loss? Round the answer to two decimal places This is an expected ▾ (Choose one) of $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

Blurred answer
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