For a multistate lottery, the following probability pea distribution represents

Question

For a multistate lottery, the following probability pea distribution represents the cash prizes of the lottery Grand prue with their corresponding probabilties 200 000 000000021 10 000 0000001864 0000174383 0003480847 0007098562 001813001 097111411741 (a) If the grand prize is $15,000,000, find and interpret the expected cash prize lf atoket costs $1, what your expected profit from one tcket? The expected cash prize is $9 (Round to the nearest cent as needed) What is the correct interpretation of the expected cash prize? A. You will win $028 on every lottery ticket. Click to select your answer(s) Save for Later

Explanation / Answer

a)

Answer: A

That is, you will win $0.28 on every lottery ticket.

Since

X

p(x)

x*p(x)

15000000

6.59E-09

0.09885

200000

0.00000021

0.042

10000

0.000001864

0.01864

100

0.000174383

0.017438

7

0.003480847

0.024366

4

0.007093562

0.028374

3

0.01813001

0.05439

0

0.971114117

0

b)

The nearest million is 15

c)

Answer: C

X

p(x)

x*p(x)

15000000

6.59E-09

0.09885

200000

0.00000021

0.042

10000

0.000001864

0.01864

100

0.000174383

0.017438

7

0.003480847

0.024366

4

0.007093562

0.028374

3

0.01813001

0.05439

0

0.971114117

0

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