A costain city Is atlemptins do raise monay to Support consuttotion with Someone

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A costain city Is atlemptins do raise monay to Support consuttotion with Someone who successtully completeda nallynd/ theicnten al opecations/After a course'in Disorete Mocthematics taught by Dr.R.Doran otMiddlesex County College,the city thon hires that pesson to design a lotery as tte mechanism tor naising te money.The poize monies and their Conrespordin g Probab ties are giuen in th chart (A)What amount of money eon you expect to win and what is a Faic pri0a to pay for a lottery ticket? guararteed to garerale reverve? B)uhat pree should tle crty change so they ase

Explanation / Answer

a) from above expected price to win =$33.30

hence fair price for ticket =expected win =$33.3

b) for generating revenue price of ticket should be greater than 33.3; hence city should charge >33.3 for ticket

x p(x) xP(x) 5 0.3200 1.600 10 0.2500 2.500 20 0.1600 3.200 50 0.1000 5.000 100 0.0600 6.000 500 0.0200 10.000 1000 0.0050 5.000 total 0.915 = 33.30

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