A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per week? Should you actually expect to win or lose this amount? Explain. The expected value of the winnings for a single ticket is $ (Round to the nearest cent as needed.) If you buy 10 tickets per week, you can expect to (Round to the nearest cent as needed.) You $ expect to win or lose this amount because Prize Probability $3,000,000 1 in 100,000,001 $300,000 1 in 50,000,001 $3000 1 in 25,000,001 each year.
A lottery posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one lottery ticket costs $1. Find the expected value of the winnings for a single ticket. Then state how much you can expect to win or lose each year if you buy 10 lottery tickets per week? Should you actually expect to win or lose this amount? Explain. The expected value of the winnings for a single ticket is $ (Round to the nearest cent as needed.) If you buy 10 tickets per week, you can expect to (Round to the nearest cent as needed.) You $ expect to win or lose this amount because Prize Probability $3,000,000 1 in 100,000,001 $300,000 1 in 50,000,001 $3000 1 in 25,000,001 each year.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.3: Applications: Growth And Decay
Problem 16E
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Transcribed Image Text:A lottery posted the probabilities of winning each prize and the prize
amounts as shown in the chart to the right. Suppose that one lottery
ticket costs $1. Find the expected value of the winnings for a single
ticket. Then state how much you can expect to win or lose each
year if you buy 10 lottery tickets per week? Should you actually
expect to win or lose this amount? Explain.
The expected value of the winnings for a single ticket is $
(Round to the nearest cent as needed)
If you buy 10 tickets per week, you can expect to
(Round to the nearest cent as needed.)
You
$
expect to win or lose this amount because
Prize
Probability
$3,000,000 1 in 100,000,001
$300,000 1 in 50,000,001
MOTO
$3000
1 in 25,000,001
each year.
...
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