Reader's Digest ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000
Question:
a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry.
b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp. Is it worth entering this contest?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 38% (13 reviews)
a The expected value is 1000000190000000 1000001110000000 2...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Statistical Reasoning for Everyday Life
ISBN: 978-0321817624
4th edition
Authors: Jeff Bennett, Bill Briggs, Mario F. Triola
Question Posted:
Students also viewed these Statistics questions
-
Sweepstakes Readers Digest ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 110,000,000), $25,000 (1 chance...
-
Reader's Digest recently ran a sweepstakes in which prizes were listed along with the chances of winning: $5,000,000 (1 chance in 201,000,000), $150,000 (1 chance in 201,000,000), $100,000 (1 chance...
-
A book club announces a sweepstakes in order to attract new subscribers. The prizes and the corresponding chances are listed here (typically, the prizes are listed in bold print in an advertisement...
-
Describe several features of the ACA that are designed to minimize adverse selection. Why might some of those measures not end up working very well?
-
Your friend is a non-controlling interest shareholder in a large company. He knows that the subsidiary company leases most of its assets from the parent company under operating leases. He further...
-
Is a distributor an agent? Explain.
-
How can a management team justify dealing with a subcontractor based in a country in which human rights are being widely violated? LO.1
-
SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. The following financial information (in millions) was taken from the companys 2010 annual...
-
Leah received a Non-Qualified Stock Option (NQO), which allowed Leah to purchase 1,000 shares of stock for $10 per share. At the time she was given the stock options, the stock price was $6 per...
-
Determine the horizontal and vertical components of the force exerted by the hinges at B and C on member ABCD of the loaded structure, shown in Fig. 83a. 0.2 m 1.2m 300 N 0.2 m E F 4 1.2 m 3 500 N...
-
In 1953, a French economist named Maurice Allais conducted a survey of how people assess risk. Here are two scenarios that he used, each of which required people to choose between two options....
-
Suppose you roll a die with a friend, with the following rules: For every even number you roll, you win $1 from your friend; for every odd number you roll, you pay $1 to your friend. a. What are the...
-
Match the geometric sequence with its graph. [The graphs are labeled (a), (b), (c), and (d).] (a) (b) (c) (d) 1. an = 18(2 / 3)n-1 2. an = 18(-2 / 3)n-1 3. an = 18 (3 / 2)n-1 4. an = 18(- 3 / 2)n-1...
-
Match each of the following transactions of Lesch \& Company with the appropriate letters, indicating the debits and credits to be made. The key for the letters follows the list of transactions. The...
-
Workers act as sellers of their time in the labor market in return for some wage. Lets discover your individual supply curve for labor. For each hourly wage rate provided in the accompanying table,...
-
The Joint Commission on Accreditation of Healthcare Organizations (JCAHO) monitors and evaluates health care providers according to strict standards and guidelines. Improvement in the quality of care...
-
The U.S. National Highway Traffic Safety Administratio (NHTSA) independently tests over 2,400 types of tires annually. In 2015, they issued more than 900 recalls, affecting 51 million vehicles...
-
The Hudson Jewelers case study can be found in Appendix C. Chapter 17 Case Questions for Discussion: 1.Research and acquire the criteria for diamond appraisals and critique these criteria in terms of...
-
Acquiring the best talent provides organizations with an important competitive advantage, particularly when selection systems are aligned with strategic objectives. Chapter 6 pointed out one key...
-
1) Predict the organicproduct formed when BzCl reacts with cyclohexanol. BzCl = benzoylchloride. 2) Provide the majororganic product of the reaction below. 3) Draw the structureof the product formed...
-
Labor mix and yield variance analysis Alexander Kent Corporation makes modular and mobile homes. The company uses standard costs to monitor and control all of its production activities. Electricians...
-
Suppose X has a hypergeometric distribution with N = 10, n = 3, and K = 4. Sketch the probability mass function of X.
-
A company employs 800 men under the age of 55. Suppose that 30% carry a marker on the male chromosome that indicates an increased risk for high blood pressure. (a) If 10 men in the company are tested...
-
Printed circuit cards are placed in a functional test after being populated with semiconductor chips. A lot contains 140 cards, and 20 are selected without replacement for functional testing. (a) If...
-
On NSE (Indian stock exchange), shares of ICICI Bank trade for 935 rupees. If the spot exchange rate is USD 0.012, what is the no-arbitrage USD price of ICICI Bank ADR? Assume that transactions costs...
-
Income Statement Balance Sheet Balance Sheet Additional Financial Information 1. Market price of Ranfield's common stock: $90.44 at December 31, 2024, and $58.35 at December 31, 2023. 2. Common...
-
There is a credit rating agency for businesses that gives out various amounts of information based on the subscription level. This company is called a. Business Credit Scoring b. Fair Issue c. Dun...
Study smarter with the SolutionInn App