exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded. What are the expected net earnings of a person who buys one ticket?

exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded. What are the expected net earnings of a person who buys one ticket?

Name: 5. exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are s
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: 5. exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10consolation prizes of $25 are to be awarded. What are theexpected net earnings of a

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

See similar textbooks

Related questions

Q: List three reasons why a person might choose to get a payday loan.

Q: There are 9 black balls and 9 red balls in an urn. If 3 balls are drawn without replacement, what is…

A: It is given that Number of black balls = 9 Number of red balls = 9 Total = 18

Q: It is a collection of simple events. Answer must be in small letters.

A: It is a collection of simple events.

Q: marbles ected from the box, what is the probability t Jacer

A: Red = 14 white = 28 blue = 33 total = 75 what is the probability that it is not blue

Q: Jod are dealt two cards successively (without replacement) from a shuffled deck of numbered cards…

Q: Marshall wants to buy a picture frame. The original price is $15. How much will Marshall pay if he…

Q: Suppose you pay $1.00 to roll a fair die with the understanding that you will get back $3 for…

A: The probability that getting 2 or 5 by rolling a fair die is 1/3. The winning amount is $3. For each…

Q: 7. at Water Middle School found that they had $1,488.80 in the cash register. Their teacher had…

Q: There are 5 black balls and 7 red balls in an urn. If 5 balls are drawn without replacement, what is…

A: From the provided information,Number of black balls = 5Number of red balls = 7Total = 125 balls are…

Q: What is the possibility of one person getting what he want out of 3.905 billion others who wants the…

A: Introduction: The given person, and 3.905 billion other people want the same thing.

Q: find the probability that the educator is a female or an associate professor

A: We have given that an educators at a college were classified according to gender and academic rank.

Q: 12. In a lottery, the owner of the first ticket drawn receives $10,000. Each successive winner…

Q: Explain the differences between life insurance and general or non-life insurance.

A: Solution-: Explain the differences between life insurance and general or non-life insurance.

Q: 10. Jackpot On February 11, 2009, the AP news wirereleased the following story:(LAS VEGAS, Nev.)—A…

A: a. The biggest slot machine payout ever is hitting a jackpot at $38.7 million. The maker made a…

Q: a. Can an item be marked up by more than 100%? Why orwhy not? b. Can an item be discounted by more…

Q: What is the probability of not getting the sum of 8 or the sum of 3 in rolling a die twice?

A: Let S be the sample space of two dice being rolled. Hence, S = { (1,1), (1,2), (1,3), (1,4), (1,5),…

Q: This is the amount of income subject to income tax. It is the total of all incomes, less…

A: Given the types of amount of income subjected to income tax. We need to identify which one of these…

Q: Professor Ramos will participate in a lottery that will be played by 165 participants. He buys a…

A: The question is about expected value.Given :Total no. of participants = 165Cost of ticket =…

Q: 5. A rotary club organized a program to help the street children and will sponsor a concert to raise…

Q: 8. PROBLEM SOLVING Your friend has two standard decks of 52 playing cards and asks you to randomly…

A: The objective of this question is to find the probability of drawing two spades from two standard…

Q: For the experiment of rolling a single fair die, find the probability of being odd or divisible by 3

A: The experiment is rolling a single fair die. The sample space of the experiment is as follows,…

Q: . If you save $50 this month, $70 the next, $90 the next month and so on, a. How much will you be…

Q: 8 black balls and 10 red balls in an urn. If 5 balls are drawn without replacement, what is the…

A: The number of black balls = 8The number of red balls =10Total number of balls=8+10…

Q: Suppose that you and a friend are playing cards and decide to make a bet. If you draw three twos in…

A: Given that If you draw three twos in succession from a standard deck of 52 cards without…

Q: 6. You are purchasing cotton swabs that come in 2 different sized containers. One box contains 300…

Q: A golf tournament is organized and the prize money for the first 20 place winners is distributed as…

A: If you have any problem let me know in comment box thankyou.

Q: Give some events or real life example of permutation, combination, probability of evants and…

A: The real life examples for the required scenarios are as follows:

Q: What is the balance of Max's $2000 after 10 years? 5. Who is $10,000 richer at the end of the…

Q: Describe the methods of calculating Interests on Your Credit Cards?

A: Given To describe the methods of calculating Interest on Your Credit Cards?

Q: Professor Ramos will participate in a lottery that will be played by five hundred participants. He…

A: Total number of participants = 500 (This implies 500 lottery tickets are there) Professor Ramos buys…

Q: 1.) Songyi opened a bank account, she puts $10 each week. Complete the table below to show the…

A: Songyi opened a bank account and she puts $10 each week. so she has started credit her account from…

Q: amona started a freelance business. She estimates that she will earn $49,600 in rst year, after…

A: Given that: Estimated earning after deductions= $49600Income tax: 10% on first…

Q: Determine the probability of three 2’s 5 tosses for a fair die.

Q: Find the probability of picking exactly 3 jazz CDs drawn at succession without replacement from a…

Q: Suppose you were to flip a fair coin 7 times and you recorded the number of Tails that you received.…

Concept explainers

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.

Topic Video

Question

5. exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10
consolation prizes of $25 are to be awarded. What are the
expected net earnings of a person who buys one ticket?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Given data,

Step 1

Step 2

Step 3

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Discrete Probability Distributions$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.

Similar questions

Determine the probability of obtaining a sum of 5 on a single roll of two fair dice
What is the probability that when three coins are flipped, two lands heads? Type your answer as a fraction
4. First prize in a lottery is $500 000. The second prize is 40% of the first prize, or $200 000. The third prize is 40% of the second prize, and so on. There are five prizes. Determine the total amount paid out.
8. PROBLEM SOLVING Your friend has two standard decks of 52 playing cards and asks you to randomly draw one card from each deck. What is the probability that you will draw two spades?
If you have a regular deck of 52 cards, what is the probability that, in a hand of 10 cards dealt randomly, all the cards are from the same suit? Write your answer in fractional form.
2. Mala-Inse Company sells its products on account payable in 30 days from the date of sale. Customers are given three percent discount if they pay within ten days. Total sales for the year amounted to P900,000. Records of the company shows that forty percent of the customers pay on the tenth day and take the discounts; while 60 percent pay on average of 45 days after the date of purchase. Determine the average amount of receivables?
What is the probability of randomly selected a card that is a club reduced as a fraction
At bedtime, you read three books to your kids, Walker, Michael, and Luke. Together, they have 32 books. If you decide to randomly choose three books, what is the probability that the three you choose will consist of each of their favorite books? Assume they have different favorites. Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.
7.) Your 401K saving account was worth $5,500. During the first year it was invested it lost 8%. During the second year, it gained 10%. What was the value of your 401K after the first 2 years?
In a large vase, there are 34 roses, 10 daisies, 15 lilies, and 1 orchids. If 2 flowers are selected at random,Enter your answer as a fraction or a decimal rounded to 3 decimal places. Probability of at least 1 Orchid