A state has a lottery game where a person picks one of the 1,000 three digit...

  

Transcribed Image Text:

A state has a lottery game where a person picks one of the 1,000 three digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1, a person wins $650 if their number is selected, and $0 otherwise. Let X = Winnings for a $1 bet. X $0 $650 P(x) Blank 1 Blank 2 1. Complete the probability distribution. Round your answers to three decimal places. Blank 1 = Blank 2 = 2. How many dollars would you expect to win? (Note, do not count the $1 that you spent to play the game). Round to two decimal places. I expect to win = 3. Remember that it costs $1 to play the lottery. How does this affect your expected winnings? In other words, is it a good idea to play? Complete the statement below. It (is or is not) a good idea to play; I will (win or lose) money in the long run. A state has a lottery game where a person picks one of the 1,000 three digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1, a person wins $650 if their number is selected, and $0 otherwise. Let X = Winnings for a $1 bet. X $0 $650 P(x) Blank 1 Blank 2 1. Complete the probability distribution. Round your answers to three decimal places. Blank 1 = Blank 2 = 2. How many dollars would you expect to win? (Note, do not count the $1 that you spent to play the game). Round to two decimal places. I expect to win = 3. Remember that it costs $1 to play the lottery. How does this affect your expected winnings? In other words, is it a good idea to play? Complete the statement below. It (is or is not) a good idea to play; I will (win or lose) money in the long run.

Answer rating: 100% (QA)

Please ... View the full answer