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
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
Related questions
Question
Iv

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
$
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