Question: A lottery wheel is divided into twenty equal sections, each labeled with a dollar value from $.05 to $1.00 in $.05 increments. (a)Explain how you
A lottery wheel is divided into twenty equal sections, each labeled with a dollar value from $.05 to $1.00 in $.05 increments.
- (a)Explain how you can write the random variable X which represents earnings in dollars from one wheel spin as a function of a uniformly distributed random variable from a to b.
- (b)What is the expected earnings of one wheel spin?
- (c)Suppose in a separate game you get to spin the wheel 10 times, and you win $1 every time you hit a colored number (5, 15, or 100 cents). Call your total earnings in this separate game Y. Explain how you can represent Y as a function of a binomial random variable.
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