Test: Chapter 6 Post-Test This test: 10 point(s) possible Resume later This question: 1 point(s) possible Submit test For a multistate lottery, the following probability x (cash prize, $) P(x) distribution represents the cash prizes of the lottery Grand prize 0.00000000694 with their corresponding probabilities. Complete parts 200,000 0.00000019 (a) through (c) below. 10,000 0.000001727 100 0.000171096 7 0.005054573 0.008840623 0.01877681 0.96715497406 (a) If the grand prize is $16,000,000, find and interpret the expected cash prize. If a ticket costs $1, what is your expected profit from one ticket? The expected cash prize is $ . (Round to the nearest cent as needed.) What is the correct interpretation of the expected cash prize? O A. On average, you will profit $0.31 per lottery ticket. O B. You will win $0.31 on every lottery ticket. O C. On average, you will win $0.31 per lottery ticket. The expected profit from one $1 ticket is $]. (b) To the nearest million, how much should the grand prize be so that you can expect a profit? $ Statcrunch Tech help Calculator Time Remaining: 02:54:34 Next(c) Does the size of the grand prize affect your chance of winning? Explain. O A. No, because the expected profit is always $0 no matter what the grand prize is. O B. Yes, because your expected profit increases as the grand prize increases. O C. No, because your chance of winning is determined by the properties of the lottery, not the payouts