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= Quiz: Chapter 6 Quiz Question 7 For a multistate lottery, the following probability x (cash prize, $) P(x) distribution represents the cash prizes of the lottery Grand prize 0.00000000696 with their corresponding probabilities Complete parts 200,000 0.00000015 (a) through (c) below. 10 000 0.000001726 100 0 000165502 0 004672714 4 0 006502703 3 0 01569948 0 0 97295771804 (a) If the grand prize is $13,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? O A. On average, you will win $0.26 per lottery ticket B. You will win $0 26 on every lottery ticket O C. On average, you will profit $0.26 per lottery ticket The expected profit from one $1 ticket is $ (b) To the nearest million, how much should the grand prize be so that you can expect a profit? (c) Does the size of the grand prize affect your chance of winning? Explain. O A. No, because the expected profit is always $0 no matter what the grand prize is B. No, because your chance of winning is determined by the properties of the lottery, not the payouts O C. Yes, because your expected profit increases as the grand prize increases