In a lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win$400, which is a profit of$399. If you lose, you lose $1. Your probability of winning is 0.001.What is the expected value of your profit?A)-$0.60 B)$0.60 C)$3.00 D)$0.399
In a lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win$400, which is a profit of$399. If you lose, you lose $1. Your probability of winning is 0.001.What is the expected value of your profit?A)-$0.60 B)$0.60 C)$3.00 D)$0.399
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 17E
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In a lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win$400, which is a profit of$399. If you lose, you lose $1. Your probability of winning is 0.001.What is the
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