Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone help me with these questions? 1) A popular state lottery is played with prizes that are set: First prize is $60,000, second prize

Can someone help me with these questions?

1)

image text in transcribedimage text in transcribedimage text in transcribed
A popular state lottery is played with prizes that are set: First prize is $60,000, second prize is $600, and third prize is $6. To win rst prize, you must select all ve of the winning numbers, numbered from 1 to 35. Second prize is awarded to players who select any four of the ve winning numbers, and third prize is awarded to players who select any three of the winning numbers. The cost to purchase a lottery ticket is $1. Find the expected value of the state lottery game and describe what this means in terms of buying a lottery ticket over the long run. Find the expected value of state lottery game. Expected value = $|:| (Round to the nearest cent as needed.) An architect is considering bidding for the design of a new museum. The cost of drawing plans and submitting a model is $12,000. The probability of being awarded the bid is 0.2. If the architect is awarded the bid, she will make $60,000 minus the $12,000 cost for plans and a model. Complete parts a. through b. below. a. What is the expected value in this situation? $|:| (Round to the nearest dollar.) It is estimated that there are 32 deaths for every 10 million people who use airplanes. A company that sells ight insurance provides $100,000 in case of death in a plane crash. A policy can be purchased for $1. Calculate the expected value and thereby determine how much the insurance company can make over the long run for each policy that it sells. The expected value is $|:|. (Round to the nearest cent.)

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

Complex Variables and Applications

Authors: James Brown, Ruel Churchill

8th edition

73051942, 978-0073051949

More Books

Students also viewed these Mathematics questions

Question

Explain how an organizations liquidity and solvency are related.

Answered: 1 week ago