In the Cash Five Lottery in Connecticut, a player pays $1 for a single ticket with ﬁve numbers. Five balls numbered 1 through 35 are randomly chosen from a bin without replacement. If all ﬁve numbers on a player’s ticket match the ﬁve chosen, the player wins $100,000. The probability of this occurring is 1/324,632. If four numbers match, the player wins $300. This occurs with probability 1/2164. If three numbers match, the player wins $10. This occurs with probability 1/75. Compute and interpret the expected value of the game from the player’s point of view.
Answer to relevant QuestionsPowerball is a multistate lottery. The following probability distribution represents the cash prizes of Powerball with their corresponding probabilities. x (cash prize, $) ........... P(x) Grand prize ...Three cards are selected from a standard 52-card deck without replacement. The number of aces selected is recorded. A binomial probability experiment is conducted with the given parameters. Compute the probability of x successes in the n independent trials of the experiment. n = 50, p = 0.02, x = 3 A binomial probability experiment is conducted with the given parameters. Compute the probability of x successes in the n independent trials of the experiment. n = 11, p = 0.75, x ≥ 8 In a recent poll, the Gallup Organization found that 45% of adult Americans believe that the overall state of moral values in the United States is poor. Suppose a survey of a random sample of 25 adult Americans is conducted ...
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