Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.In the New York State Numbers lottery, you pay$2 and can bet that the sum of the numbers that come up is13. The probability of

1.In the New York State Numbers lottery, you pay$2 and can bet that the sum of the numbers that come up is13. The probability of winning is0.075, and if you win, you win$7, which is a profit of$5. If you lose, you lose$2.

What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra

Authors: Cynthia Y Young

3rd Edition

1118475690, 9781118475690

More Books

Students also viewed these Mathematics questions