A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a one dollar ticket
A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a one dollar ticket
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a one dollar ticket
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