Probability and lottery per month problem

Assignment Help Accounting Basics

Reference no: EM13154337

A state run monthly lottery can sell 13,111 tickets at $4 a piece. A ticket wins $100,000 with probability 0.00002, $100 with probability 0.006, and $10 with probability 0.08. On average, how much can the state expect to profit from the lottery per month? Type your answer as whole number.

Reference no: EM13154337

Questions Cloud

What would be the mass of co2 : At a temperature of 60 ºC, about 0.8 g CO2 can be dissolved in 100 g water. what would be the mass of CO2 which can be dissolved in 100 g water at 10 ºC?

Explain why pc is likely to be related to parent income : Explain why PC is likely to be related to parent's income. Would parent's income be a good Instrumental Variable for PC?

Find sample mean for extrinsic value by gender : What is the probability that an individual will be a salaried employee whose intrinsic satisfaction value is 5 or more?

Effect on a confidence interval : What is the effect on a confidence interval if one decreases both sample size and the level of confidence?

Probability and lottery per month problem : A state run monthly lottery can sell 13,111 tickets at $4 a piece. A ticket wins $100,000 with probability 0.00002, $100 with probability 0.006, and $10 with probability 0.08. On average, how much can the state expect to profit from the lottery pe..

Identify changes in market conditions : Identify changes in market conditions and their effect on equilibrium price and quantity for the following events:

Comparing the response times : Comparing the response times between 2 cab companies. companies A and B were each called at 50 randomly selected times. the calls to company A were independently made from the calls to company B. company A had a mean response time of 8.5 minutes with..

Find the duration, modified duration, and convexity of bond : Below are details of a semiannual bond. Please show work in Excel spreadsheet. Par value = 1000; Maturity 4 years; Market rate if interest (yield to Maturity) = 11% per annum; Coupon rate = 8% per year paid semiannually.

What decision should be made by optimist for inventory costs : Lakewood fashions must decide how many lots of assorted ski wear to order for its 3 stores.Information on pricing, sales and inventory costs has led to the following payoff table,in thousands.

User Account

All Pages