A state lottery offers a prize of $400 million. A single ticket s probability of winning

Question:

A state lottery offers a prize of $400 million. A single ticket ’ s probability of winning is 1/400,000,000. Assume that the state wants to make $100 million for holding the lottery and that tickets cost $1 a piece.

(a) What ’ s the expected value of a lottery ticket?

(b) Just to help get a feeling for the odds here, about how long (seconds in years) is 1 second in 500 million seconds?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Understanding The Mathematics Of Personal Finance An Introduction To Financial Literacy

ISBN: 9780470497807

1st Edition

Authors: Lawrence N. Dworsky

See More Books

Question Posted: Jun 06, 2024 01:01 AM

See More Questions

Production budget Mr Lewis's Co has projected sales for the next four months as follows. Units January 70 000 February 90 000 March 55 000 April 65 000 Beginning inventory for the year is 47 000...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Question: What as the average weekly safety inventory level of refined sugar from the beginning January 2022 to the end of July 2022? A. 512,465.9691 metric tons per week B. 316,002.1474 metric tons...
For the couple-stress theory, show that the two stress functions satisfy: = 0= +-zd'0=+
The arithmetic mean of a. b R is A(a, b) = (a + b)/2, and the geometric mean of a, b [0, ) is G(a, b) = ab. If 0 < a < b, prove that a < G{a, b) < A(a, b) < b. Prove that G(a, b) = A(a, b) if and...
In the text we discussed the historical debate between Keynesians and Monetarists regarding the effectiveness of monetary policy in changing real GDP (see Figure 27 -10 to review). Using the same...
Fast Track Shoe Company has two divisions, production and marketing. Production manufactures Fast Track MELCl g shoes, which it sells to both the marketing division and to other retailers (the latter...
Name and describe the types of consumer buying behavior. Which one would most likely be involved in the purchase of a mobile phone purchase? For choosing a frozen dinner?
7. Prairie Rigging's three employees are paid weekly. Waverley works in the office and Johnson and Zender are sales representatives. Complete the following missing in payroll register for the week...
What are the advantages of networks over Gantt charts?
The coin fl ip game described in this chapter is mathematically equivalent to a one - dimensional random walk. What this means is that you fl ip the coin; if you get heads, you take a step forward;...
Many investors rely on highlights from the annual report as provided by online and CD-ROM-based information services and do not read the reports themselves. These services do not contain the text of...
Identify a weakness of your own that might affect your ability to lead change effectively.
What makes an ability (or set of abilities) a core competency? Pick a company you are familiar with (I've picked Apple Company) . Can you identify some of its core competencies What methods do you...
What are the key standards and frameworks commonly used by IS auditors during the IS audit process, and how do these standards contribute to the effectiveness and reliability of IS audit activities?...
What is the definition of a project risk? What is risk threat and Risk Opportunity? What are the responsibilities of the risk or opportunity owner? What alternatives are there to managing "excessive"...
6.1. Determine the transfer function H(s)/Q(s) for the liquid-level system shown in Fig. P61. Resistances R1 and R2 are linear. The flow rate from tank 3 is maintained constant at b by means of a...
Assume that two firms, U and L, are identical in all respects except one: Firm U is debt free, whereas firm L has a capital structure that is 50% debt and 50% equity by market value. Further suppose...
The Home Depot is the leading retailer in the home improvement industry and one of the 10largest retailers in the United States. The company included the following on its January 29, 2012, balance...
THIS IS ONE QUESTION WITH TWO PARTS. PLEASE ANSWER COMPLETELY AND SHOW ALL WORK. (NO EXCEL) Information for Question 1: State Probability Retum on A Return on B Return on C Retum on Portfolio X Boom...
Direct materials (5.0 Ibs. @ $5.00 per Ib.) Direct labor (2.0 hrs. @ $13.00 per hr.) Overhead (2.0 hrs. @ $18.50 per hr.) Total standard cost $25.00 26.00 37.00 $88.00 The predetermined overhead rate...
Problem 1-28 (Algo) (LO 1-4, 1-5, 1-6b 1-7) Harper, Inc., acquires 40 percent of the outstanding voting stock of Kinman Company on January 1, 2020, for $316,100 in cash. The book value of Kinman's...

A state lottery offers a prize of $400 million. A single ticket s probability of winning

Question:

Step by Step Answer:

Understanding The Mathematics Of Personal Finance An Introduction To Financial Literacy

Students also viewed these Sciences questions