A lottery ticket has a grand prize of $28 million. The probability of winning the grand prize is .000000023. Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Show your calculations and reasoning clearly.
Answer to relevant QuestionsThe mean January temperature in Fort Collins, CO, is 37.1o F with a standard deviation of 10.3o F. Express these Fahrenheit parameters in degrees Celsius using the transformation C = 5/9F – 17.78. Consider the Bernoulli model. What would be a typical probability of success (π) for (a) Free throw shooting by a good college basketball player? (b) Hits by a good baseball batter? (c) Passes completed by a good college ...Write the Excel binomial formula for each probability. a. Three successes in 20 trials with a 30 percent chance of success. b. Seven successes in 50 trials with a 10 percent chance of success. c. Six or fewer successes in 80 ...(a) Why might the number of calls received per minute at a re station not be a Poisson event? (b) Name two other events per unit of time that might violate the assumptions of the Poisson model. In a certain automobile manufacturing paint shop, paint defects on the hood occur at a mean rate of 0.8 defect per square meter. A hood on a certain car has an area of 3 square meters. (a) Justify the use of the Poisson ...
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