You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $480 prize, two $75 prizes, and four $20 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)

At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get our expert's

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this and thousands of other questions.

A community for students.

You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $480 prize, two $75 prizes, and four $20 prizes. Find your expected gain or loss. (Round your answer to two decimal places.)

Mathematics
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Get this expert

answer on brainly

SEE EXPERT ANSWER

Get your free account and access expert answers to this and thousands of other questions

|dw:1436664920532:dw|
how is my set up wrong???
the table looks good. Is your book showing something else?

Not the answer you are looking for?

Search for more explanations.

Ask your own question

Other answers:

no idea :P
Now just sum the final column to get your expected gain/loss.
HI!!
you want a simple way to do it?
yea I am adding it up but it is not right
buy all 100 tickets at $10 each how much did you spend?
1000?
yes of course how much money do you get back?
if that is not clear, i can explain, it is a very simple calculation
oh yea how would I calculate that?
one $480 prize two $75 prizes 5 $20 prizes
\[480+2\times 75+5\times 20=?\]
oh right right it is 730
you spent $1000 you get back $730 how much money did you lose?
270$
exactly averaged over the 100 tickets that is a loss of \(270\div 100=2.7\)
There are 4 tickets where you win $20, not 5 tickets
ahh so there are !
$-1.90??
that means you only get $710 back for a total loss of $290
averaged over the 100 tickets it is a loss of \(290\div 100=2.9\) so your expected value i s\(-\$2.9\) per ticket
$-2.90
right
thanks so much cool way to solve it but do you possibly know the mistake on my chart
let me look
ok thnx
ok i see why
when you win your prize of say $480 you have already spent $10 they do not refund your price of purchase, therefore your actual winnings are not $480 but rather $470
same with all the other numbers
i.e. when you win $75 it is a net gain of $65 and when you win $20 it is a net gain of $10
do it using your method but with the new numbers and you will get it
The probability that you spend 10 dollars on the ticket if you play is 1: |dw:1436674572521:dw| $$ E[{\bf{X}}]=-10+.01(480)+.02(75)+.04(20)=-2.90 $$ Where \({\bf X}\) is your expected gain/loss.

Not the answer you are looking for?

Search for more explanations.

Ask your own question