4.Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40%chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwiseyou win nothing. Let the random variable X represent your net winnings on one ticket.(a) Create the probability distribution table for X.(b) Compute E(X), the expected value of X.(c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100 - ie X>-3), what isthe probability that you actually made a profit on the ticket (ie. X> 0)?

Name: 4.Suppose you buy a $5 scratch-and-win ticket. The ticket advertises
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Description: 4.Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40%chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwiseyou win nothing. Let the random variable X represent your net winn

x represent the winning Therefore, x = -5, or x = 2 - 5 = -3, or x = 10 - 5 = 5, or x = 100 - 5 =…

Math

Probability

Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40% chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise you win nothing. Let the random variable X represent your net winnings on one ticket. 4. (a) Create the probability distribution table for X. (b) Compute E(X), the expected value of X. (c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100- ie. X>-3), what is the probability that you actually made a profit on the ticket (ie. X> 0)?

Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40% chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise you win nothing. Let the random variable X represent your net winnings on one ticket. 4. (a) Create the probability distribution table for X. (b) Compute E(X), the expected value of X. (c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100- ie. X>-3), what is the probability that you actually made a profit on the ticket (ie. X> 0)?

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

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

4.
Suppose you buy a $5 scratch-and-win ticket. The ticket advertises that there is a 40%
chance you will win $2, a 25% chance you will win $10, and a 1% chance you will $100, otherwise
you win nothing. Let the random variable X represent your net winnings on one ticket.
(a) Create the probability distribution table for X.
(b) Compute E(X), the expected value of X.
(c) If you know your ticket is a winning ticket (so is worth $2, $10, or $100 - ie X>-3), what is
the probability that you actually made a profit on the ticket (ie. X> 0)?

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An automotive center keeps track of customer complaints received each week. The probability distributions of complaints are shown below. The random variable, xi, represents the number of complaints, and p(xi) is the probability of receiving xi complaints for two of the stores. The cost impact of each complaint is believed to be y=$10x3 where x is the number of complaints. Store A xi 0 1 2 3 4 5 6 p(xi) 0.10 0.15 0.20 0.25 0.15 0.10 0.05 Store B xi 0 1 2 3 4 5 6 p(xi) 0.10 0.15 0.25 0.22 0.13 0.08 0.07 The Manager provides the following utility function to evaluate the two stores. xi 0 1 2 3 4 5 6 u(xi) 1.00 0.60 0.40 0.20 0.10 0.05 0.00 Which store does the Manager prefer as having fewer complaints? Compare using utility as the metric with using the average number of complaints as the criterion for deciding which Store is better (or…
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