Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Texas Lottery (https:,v'/www.txlottery.org/) lists the following probability for winning with a $1 ticket. Winnings $400,000 1f13,177,735 $20,000 11877340 $400 1!12,836 $20 1/465 $6 1/550

image text in transcribed
The Texas Lottery (https:,v'/www.txlottery.org/) lists the following probability for winning with a $1 ticket. Winnings $400,000 1f13,177,735 $20,000 11877340 $400 1!12,836 $20 1/465 $6 1/550 $1 1130 (a) What is the probability you win a po ve amount of money? Round to two decimal places \\:| (b) This will get us ready to discuss expected value' Take the dollar amount and multiply by the probability of winning that dollar amount Add these values up. This is how much you would expect to win (if you played the lottery a large number of times)' What is this amount? Round to 2 decimals $ (1:) Based on this computation, and considering a ticket costs 1 dollar, does it make sense to play the lottery? O No 0 Yes

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

Advanced Calculus Of A Single Variable

Authors: Tunc Geveci

1st Edition

331927807X, 9783319278070

More Books

Students also viewed these Mathematics questions

Question

Define promotion.

Answered: 1 week ago

Question

Write a note on transfer policy.

Answered: 1 week ago

Question

Discuss about training and development in India?

Answered: 1 week ago

Question

Explain the various techniques of training and development.

Answered: 1 week ago

Question

Has each action got a clear and measurable outcome?

Answered: 1 week ago

Question

Have you eliminated jargon and unexplained acronyms?

Answered: 1 week ago