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4. A certain lottery sells 3 million tickets for $1 each. Let X denote your winnings upon purchasing 1 ticket, and suppose X has the
4. A certain lottery sells 3 million tickets for $1 each. Let X denote your winnings upon purchasing 1 ticket, and suppose X has the following probability distribution 1 10 W 00 1 2,999 ,889 3 ,000 ,000 a) What is the expected value of X. (2 marks) b] Since each ticket costs $1, dene Y=X1 to be your prot from purchasing 1 ticket. Compute and interpret the expected value of Y. [2 marks] c) Suppose you purchase 10 tickets. What is the probability that you win any amount of money among all 10 tickets? For simplicity, assume independence. [3 marks]
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