Q. 72 You buy a lottery ticket to a lo... [FREE SOLUTION]

91影视

Introductory Statistics

Barbara Illowsky, Susan Dean

$Math Studyset 91影视 Explanations$ Math

OER 2018 Edition 路 902 pages

ISBN: 9781938168208

Chapter 4: Q. 72 (page 288)

You buy a lottery ticket to a lottery that costs $$10$ per ticket. There are only $100$ tickets available to be sold in this lottery. In this lottery there are one $$ 500$ prize, two $$100$ prizes, and four $$ 25$ prizes. Find your expected gain or loss.

Short Answer

Expert verified

The expected loss is $- 2$ .

Step by step solution

Given information

A lottery ticket costing $$ 10$ .

Total tickets sold is $100$ .

The prizes are: $1 - $ 500, 2 - $ 100, 4 - $ 25$ .

Explanation

$X$	$P (x)$	$X P (x)$
$490$	$\frac{1}{100}$	$490 脳 \frac{1}{100} = 4.9$
$90$	$\frac{2}{100}$	$90 脳 \frac{2}{100} = 4.9$
$15$	$\frac{4}{100}$	$15 脳 \frac{4}{100} = 0.6$
$- 10$	$\frac{93}{100}$	$- 10 脳 \frac{93}{100} = - 9.3$
Total	$1$	$- 2$

$E (x) = \underset{}{鈭� [X 脳 P (x)]}$

X is a random variable that defines the expected profit. There are few options when buying a ticket, the expected profit is

490

because you won

500

and you paid

10

So, the difference is $490$ . Similarly, there are other probable profits are $90 and 15$ . If you do not win any prize you will lose $10$ .

We will have an expected loss of $- 2$ .

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91影视

You buy a lottery ticket to a lottery that costs $\(10$ per ticket. There are only $100$ tickets available to be sold in this lottery. In this lottery there are one $\) 500$ prize, two $\(100$ prizes, and four $\) 25$ prizes. Find your expected gain or loss.

Short Answer

Step by step solution

Given information

Explanation

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91影视

You buy a lottery ticket to a lottery that costs \(10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one \)500 prize, two \(100 prizes, and four \)25 prizes. Find your expected gain or loss.

Short Answer

Step by step solution

Given information

Explanation

One App. One Place for Learning.

Most popular questions from this chapter

Recommended explanations on Math Textbooks

Calculus

Probability and Statistics

Discrete Mathematics

Theoretical and Mathematical Physics

Pure Maths

Applied Mathematics

Study anywhere. Anytime. Across all devices.

You buy a lottery ticket to a lottery that costs $\(10$ per ticket. There are only $100$ tickets available to be sold in this lottery. In this lottery there are one $\) 500$ prize, two $\(100$ prizes, and four $\) 25$ prizes. Find your expected gain or loss.