Powerball is a national lottery with drawings held twice a week. Players buy a ticket for $2 for a chance to win monetary prizes ranging from $4 to the jackpot which can be in the hundreds of millions of dollars. Let X be a player's winnings (in dollars) on one ticket. For a cash jackpot of $100,000,000, E(X) = 0.66. Interpret the value of E(X). (A) Each player will win $0.66 per ticket. (B) The probability of winning any monetary prize is 0.66. (C) The lottery can expect to profit $0.66 per ticket purchased. (D) The lottery can expect to pay out 66% of the jackpot in prize money. (E) Over many players, the average winnings per ticket will be close to $0.66.
Powerball is a national lottery with drawings held twice a week. Players buy a ticket for $2 for a chance to win monetary prizes ranging from $4 to the jackpot which can be in the hundreds of millions of dollars. Let X be a player's winnings (in dollars) on one ticket. For a cash jackpot of $100,000,000, E(X) = 0.66. Interpret the value of E(X). (A) Each player will win $0.66 per ticket. (B) The probability of winning any monetary prize is 0.66. (C) The lottery can expect to profit $0.66 per ticket purchased. (D) The lottery can expect to pay out 66% of the jackpot in prize money. (E) Over many players, the average winnings per ticket will be close to $0.66.
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
Transcribed Image Text:Powerball is a national lottery with drawings held twice a week. Players buy a ticket for $2 for a
chance to win monetary prizes ranging from $4 to the jackpot which can be in the hundreds of
millions of dollars. Let X be a player's winnings (in dollars) on one ticket. For a cash jackpot of
$100,000,000, E(X) = 0.66. Interpret the value of E(X).
(A) Each player will win $0.66 per ticket.
(B) The probability of winning any monetary prize is 0.66.
(C) The lottery can expect to profit $0.66 per ticket purchased.
(D) The lottery can expect to pay out 66% of the jackpot in prize money.
(E) Over many players, the average winnings per ticket will be close to $0.66.
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