# Question: It cost one dollar to buy a lottery ticket which

It cost one dollar to buy a lottery ticket, which has five prizes. The prizes and the probability that a player wins the prize are listed here. Calculate the expected value of thepayoff.

## Relevant Questions

After an analysis of incoming faxes, the manager of an accounting firm determined the probability distribution of the number of pages per facsimile as follows:Compute the mean and variance of the number of pages perfax.Why are the long-wavelength microwaves that permeate the universe considered to be evidence of the Big Bang? The operations manager of a large plant wishes to overhaul a machine. After conducting a PERT/CPM analysis he has developed the following critical path.1. Disassemble machine2. Determine parts that need replacing3. Find ...Repeat Exercise using Table 1 in Appendix B.In Exercise, given a binomial random variable with n = 10 and p = .3, use the formula to find the following probabilities.a. P(X = 3)b. P(X = 5)c. P(X = 8)The best way of winning at blackjack is to “case the deck,” which involves counting 10s, non-10s, and aces. For card counters, the probability of winning a hand may increase to 52%. Repeat Exercise for a card counter.In ...Post your question