User Account

All Pages

What is the expected return when an individual purchases

Assignment Help Basic Statistics
Reference no: EM131812919

Suppose that a new state lottery game is developed with the following prizes and the number of tickets for each dollar prize:

Prize             of Tickets

$0             88,120

$1             11,000

$5                  500

$10                  200

$20                  100

$100                    50

$500                    20

$1000                    10

The cost of a ticket is $1 and there are a total of 100,000 tickets available. Answer each of the following questions:

Question 1: What is the probability that an individual purchasing one ticket will win a prize of $1,000?

Question 2: What is the probability that an individual purchasing one ticket will win $5 or more?

Question 3: The actual return for purchasing one ticket must take into account the $1 spent to purchase the ticket. Keeping this in mind, what is the probability that purchasing one ticket will yield a return of $0?

Question 4: What is the expected return when an individual purchases one lottery ticket in this game?

Reference no: EM131812919

Questions Cloud

Discuss computer game experts who have previewed project : Computer game experts who have previewed project are very impressed with it
Transactions for petty cash and cash short : Question - Transactions for Petty Cash, Cash Short and Over. For reconciliation transactions, entries should be made in chronological order of account creation
What is the probability that x : Suppose that the random variable x follows a binomial distribution with p = 0.40 and n = 14.
Calculate the present value of the following cash flows : Calculate the present value of the following cash flows, rounding to the nearest dollar
What is the expected return when an individual purchases : What is the expected return when an individual purchases one lottery ticket in this game?
Post a brief description of a contemporary example : Post a brief description of a contemporary example from the news in which people did or did not demonstrate conformity or obedience.
What amount should be reported as cash : If a balance sheet were prepared for Online Medical Co. on June 30, 2012, what amount should be reported as cash
Complete a bank reconciliation at august : A summary of the Cash account in the ledger for August shows the following: balance, August 1, $16,900; Complete a bank reconciliation at August 31
Calculate the net cash settlement at the end : Using the extended method, prepare the journal entries during 2016 to record the issuance of the note, interest, and necessary adjustments for changes

Reviews

Write a Review

Basic Statistics Questions & Answers

  Draw a pie chart for the given data

Look around your living space or current surroundings, and find a categorical variable for which there are at least three categories and for which you can.

  Formulate a linear optimization model and solve this problem

MSA Computer Corporation manufactures two models of minicomputers, the Alpha 4 and Beta 5. The firm employs 5 technicians, working 160 hours each per month, on its assembly line.

  Suppose the doctor would be content with 95 condifence how

a doctor who wants to estimate the hdl cholesterol of all 20-29 year old females. how many subjects are needed to

  Why rounding-down the lp solution the suboptimal way

Why is "rounding-down" the LP solution the suboptimal way to solve Integer programming problems? Can you describe why?

  Determine the null and alternative hypothesis

The mean pulse rate for males. Define the null and alternative hypothesis. SD= 18.48 pulse rate for males 25.07 women.

  A high prevalence of heart disease

As a public health personnel, you conducted a survey and collected economic and health data on households in a township that is known to have a high prevalence of heart disease.

  Same question that i have asked earlier but need to derive

same question that i have asked earlier but need to derive the objective function and constraints and solved using

  What is being informally tested here

The Kenton Food Company is interested in testing which size of a new organic, whole-grain breakfast cereal is most appealing to consumers. What is being informally tested here, and what is the hypothesis test

  The macburger restaurant chain claims that the waiting time

question the macburger restaurant chain claims that the waiting time of customers for service is normally distributed

  Compute mean of shoe sizes of adult women

In each of the following cases, would the mean or the median probably be higher, or would they be about equal?

  Study of mice - confidence interval

A study of 80 white mice showed that their average weight was 3.7 ounces. The standard deviation of the population is 0.6 ounces.

  Impact of experience on wages

Based on your estimate of Equation #1, does experience have an impact on wages - can you improve upon this model? If yes, what does your new model tell you about the impact of experience on wages?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd