Lottery Prizes A lottery offers one $1000 prize, one $500 Prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys five tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems. The expectation if a person buys five tickets is dollar(s). X 5

Lottery Prizes A lottery offers one $1000 prize, one $500 Prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys five tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems. The expectation if a person buys five tickets is dollar(s). X 5

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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Question

Lottery Prizes A lottery offers one $1000 prize, one $500 Prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $7 e expectation if a person buys five tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than Round to two decimal places for currency problems.

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Lottery Prizes A lottery offers one $1000 prize, one $500 Prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $7 each. Find the
expectation if a person buys five tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize.
Round to two decimal places for currency problems.
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Step 1: Determine the given variables.

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Step 2: Find the probability of winning and losing prizes.

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Step 3: Find the amount that got after winning or losing.

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Step 4: Find the expected value of buying a ticket.

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Step 5: Find the expected value if person buys 5 tickets.

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