Question
In: Statistics and Probability
One state lottery has 1,100 prizes of $1; 135 prizes of $10; 15 prizes of $50;...
One state lottery has 1,100 prizes of $1; 135 prizes of $10; 15 prizes of $50; 5 prizes of $310; 2 prizes of $1,150; and 1 prize of $2,500. Assume that 22,0000 lottery tickets are issued and sold for $1. Round final answer to four decimals.
1. What is the lottery's expected profit per ticket?
2. What is the lottery's standard deviation of profit per ticket?
Solutions
orchestra answered 2 years agoRelated Solutions
One state lottery has 1,100 prizes of $1; 120 prizes of $10; 30 prizes of $50;...
One state lottery has 1,100 prizes of $1; 120 prizes of $10;
30 prizes of $50; 5 prizes of $285; 2 prizes of $1,180; and 1 prize
of $2,400. Assume that 34,000 lottery tickets are issued and sold
for $1. Round to 4 decimal places for the answers
What is the lottery's expected profit per ticket?
What is the lottery's standard deviation of profit per
ticket?
One state lottery has 1,000 prizes of $1; 130 prizes of $10; 20 prizes of $55;...
One state lottery has 1,000 prizes of $1; 130 prizes of $10; 20
prizes of $55; 5 prizes of $300; 2 prizes of $1,010; and 1 prize of
$2,500. Assume that 31,000 lottery tickets are issued and sold
$1
What is the lottery's expected profit per ticket?
What is the lottery's standard deviation of profit per
ticket?
As a winner of a lottery you can choose one of the following prizes: 1) £1...
As a winner of a lottery you can choose one of the following
prizes:
1) £1 million now.
2) £1.5 million at the end of six years.
3) £80,000 a year forever, starting in one year.
4) £150,000 for each of the next ten years, starting in one
year.
If the discount rate is 8 per cent, which is the most valuable
prize?
Most state lotteries in the U.S. give Lottery winners of particularly large prizes the option of...
Most state lotteries in the U.S. give Lottery winners of
particularly large prizes the option of taking the total prize as
an annuity over several years, usually 10-20, or as a discounted
lump sum now. Based on what we are studying this week and your
prior knowledge and research, what are the various factors that
should be considered in choosing either alternative if the goal is
to maximize the total benefit to the Lottery winner? What are the
risks associated...
Lottery One state lottery game has contestants select 5 different numbers from 1 to 45. The...
Lottery
One state lottery game has contestants select 5 different
numbers from 1 to 45. The prize if all numbers are matched is 2
million dollars. The tickets are $2 each.
1) How many different ticket possibilities are
there?
2) If a person purchases one ticket, what is
the probability of winning? What is the probability of losing?
3) Occasionally, you will hear of a group of
people going in together to purchase a large amount of tickets.
Suppose a...
A lottery has a grand prize of $100,000, two runner-up prizes of $12,500 each,
A lottery has a grand prize of $100,000, two runner-up prizes of $12,500 each, four third-place prizes of $2000 each, and six co nsolation prizes of $200 each. If 200,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
Someone sells 2000 tickets for $1 each. Prizes are awarded of one $100, four $50, and...
Someone sells 2000 tickets for $1 each. Prizes are awarded of
one $100, four $50, and eight $25.
Find the expected value if you purchase 1 ticket. Your expected
value should end up negative since there are way more chances to
not win than to win one of the prizes.
Expected value is calculated by multiplying every possible outcome
by its probability and then adding those products. Let's break this
down.
a) In this case there are 2000 outcomes. How...
Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player...
Choosing Lottery Numbers: In the Super-Mega
lottery there are 50 numbers (1 to 50), a player chooses ten
different numbers and hopes that these get drawn. If the player's
numbers get drawn, he/she wins an obscene amount of money. The
table below displays the frequency with which classes of numbers
are chosen (not drawn). These numbers came from a sample of 180
chosen numbers.
Chosen Numbers (n = 180)
1
to 10
11
to 20
21
to 30
31
to...
Choosing Lottery Numbers: In the Super-Mega lottery there are 50 numbers (1 to 50), a player...
Choosing Lottery Numbers: In the Super-Mega
lottery there are 50 numbers (1 to 50), a player chooses ten
different numbers and hopes that these get drawn. If the player's
numbers get drawn, he/she wins an obscene amount of money. The
table below displays the frequency with which classes of numbers
are chosen (not drawn). These numbers came from a sample of 180
chosen numbers.
Chosen Numbers (n = 180)
1 to 10
11 to 20
21 to 30
31 to...
1. A raffle has a prize of $ 1000, two prizes of $ 500, five prizes...
1. A raffle has a prize of $ 1000, two prizes of $ 500, five
prizes of $ 100 and 50 prizes of $ 10. If 1000 tickets are sold and
the raffle organizers intend to make a profit of $ 10 per ticket,
how much must a ticket buyer pay?
2. In a betting game, a person earns $ 800 if by tossing three
coins on the air all faces or all stamps are obtained and he pays $...
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