Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A state has a lottery game where a person picks one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three-digit

A state has a lottery game where a person picks one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1, a person wins $600 if their number is selected and nothing ($0) otherwise. Complete parts a through d below. X P(x) SO 0.999 $600 0.001 (Do not round.) c. Show that the mean of the distribution equals 0.60, corresponding to an expected return of 60 cents for the dollar paid to play. Choose the correct answer below. O A. 0+P(0) + 600 + P(600) = 0.60 B. 0 . P(0) + 600 . P(600) = 0.60 O C. 0 . P(0) - 600 . P(600) = 0.60 O D. 0+ P(0) . 600 + P(600) = 0.60 Interpret the mean. Choose the correct answer below. A. A player can expect to win an average of 60 cents per lottery after playing the lottery sufficiently many times. O B. A player can expect to win 60 cents in any given single lottery. O C. A player can expect to win 60 cents in the very next lottery. O D. The mean has no meaning in this problem because winning 60 cents in a single lottery is impossible. The player can only win either $0 or $600

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

Step: 3

blur-text-image

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

Essential Calculus Early Transcendental Functions

Authors: Ron Larson, Robert P. Hostetler, Bruce H. Edwards

1st Edition

618879188, 618879182, 978-0618879182

More Books

Students also viewed these Mathematics questions