Question 1: Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match all four numbers, you win $10, 000; if you match three numbers correctly, you win $25; and if you match two you numbers you win $2. Find the probability of winning first place. Repeat for second and third place. Question 2: Compute the probability of losing the Cash 4 lottery. Question 3: Use the preceding parts to compute the expected value of the Cash 4 lottery; be sure to include the cost of the ticket in your calculations.

Question 1: Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match all four numbers, you win $10, 000; if you match three numbers correctly, you win $25; and if you match two you numbers you win $2. Find the probability of winning first place. Repeat for second and third place. Question 2: Compute the probability of losing the Cash 4 lottery. Question 3: Use the preceding parts to compute the expected value of the Cash 4 lottery; be sure to include the cost of the ticket in your calculations.

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Description: Question 1: Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match allfour numbers, you win $10, 000; if you match three numbers correctly, you win $25; and if you matchtwo you numbers you win $2.Find the probability of win

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...

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Concept explainers

Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.

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Question 1: Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match all
four numbers, you win $10, 000; if you match three numbers correctly, you win $25; and if you match
two you numbers you win $2.
Find the probability of winning first place. Repeat for second and third place.
Question 2: Compute the probability of losing the Cash 4 lottery.
Question 3: Use the preceding parts to compute the expected value of the Cash 4 lottery; be sure
to include the cost of the ticket in your calculations.

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