5. 8.51 An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week

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5. 8.51 An officer of the state lottery commission has sampled lottery ticket purchasers over a 1-week period at one location. The amounts distributed back to the purchasers and the associated probabilities for 5000 tickets are as follows: Distribution, $ 0 2 5 10 100 Probability 0.91 0.045 0.025 0.013 0.007 Page 271 1. If a ticket cost $5, estimate the chances of receiving more than the cost of the ticket. 2. Calculate the expected value of the distribution of dollars per ticket. 3. If tickets cost $2, determine the expected long-term income to the state per ticket, based on this sample.

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Basics Of Engineering Economy

ISBN: 9781259683312

3rd Edition

Authors: Leland T. Blank, Anthony Tarquin

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