Suppose that a lottery has the following odds:Amount Won Probability of Winning3/51/551/10103/509/2501001/2501. If you pay $5 to play this game, what is the expected amount of money you would gain after playing?2. What amount of money should you pay if you don't want to lose any money on average?

Given data and calculation for expected winning amount 1) Expected amount is given by

Answered: Suppose that a lottery has the…

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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Suppose there is a game where you throw a marble and, if it lands in a circle on the ground, it is counted as a success. Suppose that the probability of you throwing a marble and landing in a circle on the ground is 35%. What is the probability of playing 6 rounds and landing in a circle on the ground 3 times? a. 18% b. None of these c. 24% d. 65% e. 35%
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A test has three parts. Part A consists of seven true-false questions, part B consists of three multiple-choice questions with five choices each, and part C requires you to match three questions with three different answers one-to-one. Assuming that you make random guesses in filling out your answer sheet, what is the probability that you will earn 100% on the test? (Leave your answer as a formula.) P(E) O P(E) O P(E) = P(E) = P(E) = = = 1 7² x 5³ x 3! 1 27 x 5³ x 3! 1 3² x 53 1 2³ x 35 x 7! x 7! 1 23 x 75 x 3!
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