Question: For numbers 23-25, refer to the problem. There are one thousand tickets that are sold for P50.00 each. One ticket will win P10,000.00, two

For numbers 23-25, refer to the problem. There are one thousand tickets

For numbers 23-25, refer to the problem. There are one thousand tickets that are sold for P50.00 each. One ticket will win P10,000.00, two tickets will win P5,000.00 and three tickets will win P1,000,00 each. Let X be the net gain from purchasing a randomly selected ticket. 23. What is the probability that you will win a prize if you buy 2 tickets? A. 998/1000 B. 2/500 24. Which of the following table of values show the probability distribution of X? C. 2/1000 D. 2 A. 10,000 1/1000 5,000 2/1000 1,000 -50 PCX) 3/1000 994/1000 4,950 2/998 950 9,950 1/999 B. -50 X P(X) 3/997 1/999 4,950 950 -50 9,950 1/1000 C. P(X) 2/1000 3/1000 994/1000 5,000 2/998 -50 10,000 1/999 D. X 1,000 3/997 1/999 P(X) 25. What is the mean or expected value of a person who buys a ticket? C. 27 A. 25 B. -25 D. -27

Step by Step Solution

★★★★★

3.42 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

There are 1000 Tickets in which 6 Tickets are prized One with 10000 Prize Two with 5000 Prize and Three with 1000 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

608c00a37e00b_208152.pdf

180 KBs PDF File

608c00a37e00b_208152.docx

120 KBs Word File

Students Have Also Explored These Related Mathematics Questions!

Problem 14-8 (Algo) Bonds; effective interest; partial period interest; financial statement effects [LO14-2] The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its...

Refer to the problem stated in Exercise 10.72, but now suppose that the study was conducted at 16 farms, of which 8 were selected for planting strain A and the other 8 for strain B. Here also the...

Refer to the problem of the two coupled oscillators discussed in Section 12.2. Show that the total energy of the system is constant. (Calculate the kinetic energy of each of the particles and the...

Refer to the Problem 3-31 for details about the game of roulette. Another bet in a roulette game is called a "straight up" bet, which means that the player is betting that the winning number will be...

Brad Henry is a stone products salesman. Let x be the number of contacts he visits on a particular day. The following table gives the probability distribution of x. Let y be the total number of...

Jeopardy Inc.s CFO has just left the office of the company president after a meeting about the draft balance sheet at April 30, 2011, and income statement for the year ended. (Both are reproduced...

Calculate the firm's cash conversion cycle . Assume a 365-day year. Dan Barnes, financial manager of Ski Equipment Inc. (SKI), is excited but apprehensive. The company's founder recently sold his 51...

You are now 50 years old and plan to retire at age 65. You currently have a stock portfolio worth $150,000, a 401(k) retirement plan worth $250,000, and a money market account worth $50,000. Your...

R. C. Coleman distributes a variety of food products that are sold through grocery store and supermarket outlets. The company receives orders directly from the individual outlets, with a typical...

Techsburg, Inc. uses a stamping machine to manufacture aluminum bodies for lightweight miniature aircraft used for military reconnaissance. Currently, forms in the stamping machine are changed after...

Data set: WingLength2 If you completed the helicopter research project, this series of questions will help you further investigate the use of regression to determine the optimal wing length of paper...

Corgan Investments is an investment advisory and portfolio management firm that specializes in equities in energy sector in various global markets. Brenda Fraser, senior portfolio manager, is...

The adjusted trial balance for Lloyd Construction as of December 31, 2014, follows: An analysis of other information reveals that Lloyd Construction is required to make a $45,000 payment on the...

How does a clinical laboratory manager ensure continuous improvement in the laboratory?

Matt Holmes recently joined Klax Company as a staff accountant in the controllers office. Klax Company provides warehousing services for companies in several European cities. The location in Koblenz,...

Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance: Additional data: 1. A physical count reveals an ending inventory of $22,500...

The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following normal balances: Cash ..................... $113,718 Petty cash ................... 100 Accounts...

Revolve Companys income statement information for 2016 and 2017 (a sole proprietorship) is as follows: Required: Next Level Provide the missing amounts for the blanks labeled (a) through (f). All the...

During the current year, Ross Corporation purchased a warehouse for $45,000, paid $1,000 dividends, sold land for $7,900, and issued $25,000 of common stock. All of these were cash transactions. Show...

Hip and shoulder joints are classified as ____________ joints. Group of answer choices ball-and-socket hinge pivot saddle

For numbers 23-25, refer to the problem. There are one thousand tickets that are sold for P50.00 each. One ticket will win P10,000.00 two tickets will win P5,000.00 and three tickets will win...

For numbers 23-25, refer to the problem. There are one thousand tickets that are sold for P50.00 each. One ticket will win P10,000.00, two tickets will win P5,000.00 and three tickets will win...

Transfer pricing problem (continuation of 23-25). Refer to Exercise 23-25. Assume that Division A can sell the 1,000 units to other customers at $186 per unit with variable marketing costs of $6 per...

this module was intended and written focusing on learners fine yong it is here to you apply the mean or expected value of the discrete random theme of the avery B. value when the experiment is...

Enrichment Activity 2 . Multiple Choice: Choose the best answer in each question. Write the letter of your choice on your answer sheet. (3 points each) Used the scoring rubrics below to rate your...

Questions # 8-13 From other SEC filings (Core Molding Technologies) Source page numbers should refer to the page numbers at the bottom center of the pdf document. Question Answer Source 8. As of June...