A lottery game offers $2 million to the grand prize winner, $20 to each of 10,000 second prize winners, and $4 to each of the 50,000 third prize winners. The cost of the lottery is $2 per ticket, Suppose that 1.5 million tickets are sold. What is the expected gain or loss of a ticket? Outcome Payout Probability The expected value is (give the amount), which is a (gain or loss).

Will pays $5 to play a game at an amusement park.  He has a 25% chance of winning a $15 basketball.  If he misses, he receives nothing.  Outcome value Win: Lose: Probability 0.25   a.  What is the probability that he will miss/lose? b.  Find the expected value of the game.

In a game of​ chance, players pay ​$5 for a chance to win one of two​ prizes: a ​$100 gift card or a ​$20 gift card. The probability of winning the $100 gift card is 0.006 and the probability of winning the ​$20 gift card is 0.07.   Find the expected value​ (win or​ loss) per game.

Hector plays a game with a friend. They pay $2 and roll a 6-sided die. If the die comes up a 3 or higher, they win $7. If it doesn't, they win nothing. What is the expected value of the game? Give your answer to the closest cent (two decimal places).

Suppose you are invited to play a game in which you bet $1 on any number from 000 to 299. If your number comes up, you get $75. Find the expected winnings. Expected winnings = $ (Type an integer or decimal rounded to the nearest cent as needed.)

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Find the expected payback for a game in which you bet $6 on any number from 0 to 499. If your number comes up, you get $500. The expected payback is $ (Round to the nearest cent as needed.)

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In a coin and die game, you roll a fair six-sided die and toss a coin. If you roll a 6 and toss a tails, you gain $110. Otherwise, you lose $10. If you were to play the game 45 times, how much money can you expect to gain or lose? Round the expected value for one game to the nearest cent. Enter an expected loss as a negative number.

You purchase a brand new car for $15,000 and insure it. The policy pays 78% of the car's value if there is an issue with the engine or 30% of the car's value if there is an issue with the speaker system. The probability of an issue with the engine is 0.009, and the probability there is an issue with the speaker system is 0.02. The premium for the policy is p. Let X be the insurance company's net gain from this policy. (a) Create a probability distribution for X, using p to represent the premium on the policy. Enter the possible values of X in ascending order from left to right. P(X) (b) Compute the minimum amount the insurance company will charge for this policy. Round your answer to the nearest cent