One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $192. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $187 since your initial $5 will not be returned to you, and so on.) (B) What is the expected value of the raffle to you? (A) Let X be the random variable for the amount won on a single raffle ticket. Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. X-$5 $187 $379 $571 P₁ (Type an integer or decimal rounded to eight decimal places as needed.)
One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $192. Suppose you buy 5 tickets. (A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $187 since your initial $5 will not be returned to you, and so on.) (B) What is the expected value of the raffle to you? (A) Let X be the random variable for the amount won on a single raffle ticket. Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. X-$5 $187 $379 $571 P₁ (Type an integer or decimal rounded to eight decimal places as needed.)
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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Transcribed Image Text:One thousand raffle tickets are sold at $1 each. Three tickets will be drawn at random (without replacement), and each will pay $192. Suppose you buy 5 tickets.
(A) Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased. (If you do not have any winning tickets, you lose $5, if you have 1 winning ticket, you net $187 since
your initial $5 will not be returned to you, and so on.)
(B) What is the expected value of the raffle to you?
(A) Let X be the random variable for the amount won on a single raffle ticket. Create a payoff table for 0, 1, 2, and 3 winning tickets among the 5 tickets you purchased.
X-$5 $187 $379 $571
P₁
(Type an integer or decimal rounded to eight decimal places as needed.)
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