In the New York State Numbers Lottery, you pay $1 and can bet that the sum of

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In the New York State Numbers Lottery, you pay $1 and can bet that the sum of the numbers that come up is 13.

The probability of winning is 0.075, and if you win, you win $6.50, which is a profit of $5.50. If you lose, you lose $1. What is the expected value of your profit? Is it an expected gain or an expected loss?

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Elementary Statistics

ISBN: 9781259969454

3rd Edition

Authors: William Navidi, Barry Monk

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Question Posted: Sep 19, 2024 05:01 PM

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In the New York State Numbers Lottery, you pay $1 and can bet that the sum of

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Elementary Statistics

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