Lottery Prizes A lottery offers one $900 prize, one $700 Prize, three $300 prizes, and five $200 prizes. One thousand tickets aresold at $7 each. Find the expectation if a person buys two tickets. Assume that the player's ticket is replaced after each draw andthat the same ticket can win more than one prize. Round to two decimal places for currency problems.The expectation if a person buys two tickets isdollar(s).

From the provided information, A lottery offers one $900 prize, one $700 prize, three $300 prizes…

Answered: Lottery Prizes A lottery offers one…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Similar questions

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets. There is one $2,000 grand prize, two $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 800 tickets. There is one $2,000 grand prize, three $400 second prizes, and sixteen $20 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $ 5.6 Hint: Hint
Six friends play poker, each starting with $5. All bets are in multiples of $0.10. How many ways are possible for the redistribution of the $30 after the night of poker?
Suppose that you and a friend are playing cards and decide to make a bet. If you draw two clubs in succession from a standard deck of 52 cards without replacing the first card, you win $⁢40. Otherwise, you pay your friend $⁢10. If the same bet was made 25 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Win: Lose:
A game involves drawing a single card from a standard deck. The player receives $10 for an ace, $5 for a king, and $1 for a red card that is neither an ace nor a king. Otherwise, the player receives nothing. If the cost of each draw is $2, should you play? Explain your answer mathematically.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Each spin costs $2. If the spinner lands on C the player wins a dime, if the spinner stops on A the player wins $9 otherwise the player wins nothing. Calculate the players expected winnings. Express your answer to at least three decimal places in dollar form.. Answer: $ 3/11 A 4/11 B D C 2/11 2/11
Please do not give solution in image format thanku
Directions: Solve the given problem. Show your solutions. Of all the registered automobiles in Colorado, 8% fail the state emissions test. Twelve automobiles are elected at random to undergo an emissions test. a. Find the probability that exactly four of them fail the test. b. Find the probability that fewer than four of them fail the test. c. Find the probability that more than three of them fail the test.
Your friend makes up a game to play over Zoom during the shelter in place, and asks if you would like to play. The rules are: You win $8 if you roll a 6. You win $4 if you roll a 4 or 5 Otherwise, you have to pay $10. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. The first value is filled in for you. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) -10 b. Find the expected profit. $ (Round to the nearest cent)c. Interpret the expected value. You will win this much if you play a game. This is the most likely amount of money you will win. If you play many games, on average, you will likely win, or lose if negative, close to this amount.

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS