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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
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 $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 $
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