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anonymous
 one year ago
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.)
anonymous
 one year ago
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.)

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0dw:1436664920532:dw

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0how is my set up wrong???

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.0the table looks good. Is your book showing something else?

ybarrap
 one year ago
Best ResponseYou've already chosen the best response.0Now just sum the final column to get your expected gain/loss.

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2you want a simple way to do it?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yea I am adding it up but it is not right

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2buy all 100 tickets at $10 each how much did you spend?

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2yes of course how much money do you get back?

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2if that is not clear, i can explain, it is a very simple calculation

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0oh yea how would I calculate that?

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2one $480 prize two $75 prizes 5 $20 prizes

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2\[480+2\times 75+5\times 20=?\]

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0oh right right it is 730

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2you spent $1000 you get back $730 how much money did you lose?

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2exactly averaged over the 100 tickets that is a loss of \(270\div 100=2.7\)

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.0There are 4 tickets where you win $20, not 5 tickets

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2that means you only get $710 back for a total loss of $290

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2averaged over the 100 tickets it is a loss of \(290\div 100=2.9\) so your expected value i s\(\$2.9\) per ticket

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0thanks so much cool way to solve it but do you possibly know the mistake on my chart

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2when 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

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2same with all the other numbers

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2i.e. when you win $75 it is a net gain of $65 and when you win $20 it is a net gain of $10

misty1212
 one year ago
Best ResponseYou've already chosen the best response.2do it using your method but with the new numbers and you will get it

ybarrap
 one year ago
Best ResponseYou've already chosen the best response.0The 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.
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