A student buys a lottery ticket for $2. The prize is a bicycle worth $500. The winning

Question:

A student buys a lottery ticket for $2. The prize is a bicycle worth $500. The winning ticket will be chosen at random from 2000 tickets that were sold.

(a) What is the probability that the student will win a bicycle?
(b) Determine the student's expected gain.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Statistics Principles And Methods

ISBN: 9781119497110

8th Edition

Authors: Richard A. Johnson, Gouri K. Bhattacharyya

See More Books

Question Posted: Nov 01, 2022 09:52 AM

See More Questions

A student buys a lottery ticket for $1. For every 1000 tickets sold, two bicycles are to be given away in a drawing. (a) What is the probability that the student will win a bicycle? (b) If each...
a. 6 books are to be chosen at random from 8 different books. i. Find the number of different selections of 6 books that could be made. A clock is to be displayed on a shelf with S of the 8 different...
Suppose four plants are to be chosen at random from the corn plant population of Exercise 4.S.4. Find the probability that none of the four plants will be more than 150 cm tall. Exercise 4.S.4 The...
WiCom Servicing completed these transactions during November 2020, its first month of operations: Required 1. Prepare journal entries to record the transactions. Use general journal page 1. 2. Set up...
Refer to Exercise 5.54. In exercise a. Is there sufficient evidence that the median annual rate of return for the two mutual funds is greater than 10%? b. Is there sufficient evidence that the mean...
For the following exercises, find the exact value, if possible, without a calculator. If it is not possible, explain why. tan 1 (sin())
In September 2013, Ugo Mattera entered into a written construction contract with Baja Properties, LLC. Stephen Chad Golden, the sole owner of Baja Properties, signed the contract and addendums on...
Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $20,000 cash in her business. 1 Hired a...
When did 3D printing start in your selected industry? How was it first used in this industry?
On January 1, 2020, Prasad SpA had the following equity accounts. Share CapitalOrdinary (25 par value, 48,000 shares issued and outstanding) .......................1,200,000 Share PremiumOrdinary...
Determine the following probabilities from the curve (x) diagrammed in Exercise 6.1 (a). (a) P( 0 < X < .2) (b) P(1.8 < X < 2.0) (c) P(.4 < X < .6) Data from in Exercise 6.1 Which of the functions...
Refer to Exercise 5.88 but now suppose the sampling is done in two stages: First a list is selected at random and then, from that list, two persons are selected at random without replacement. Let Y...
What is the managerial significance of Herzbergs distinction between factors in the job content and job context?
Consider a toothpaste manufacturer wanting to offer quantity discounts to maximize their profit. Should the manufacturer offer lot-sizebased or volume-based quantity discounts and, at the same time,...
Use basic managerial levers to improve supply chain profitability.
Consider a cosmetic companys inventory. What would be the impact on safety inventory levels if customers brand preferences suddenly change as a result of a campaign discouraging the use of...
A price discount where the pricing schedule offers discounts based on the quantity ordered in a single lot is customer based. lot size based. supplier based. volume based.
________ is the ability of a supply chain to delay product differentiation or customization until closer to the time the product is sold. Specialization Centralization Postponement Aggregation
The examples of the two previous exercises can be explained in terms of momentum conservation and in terms of Newton's third law. Assuming you've answered them in terms of momentum conservation,...
(8%) Problem 6: A student attaches a f= 3.5 kHz oscillator to one end of a metal rail of length L = 25 m. The student turns on the oscillator and uses a piezoelectric gauge at the other end to...
Because 10% of the reservation holders are "no-shows," a U.S. airline sells 400 tickets for a flight that can accommodate 370 passengers. (a) Find the approximate probability that one or more...
On a Saturday afternoon, 147 customers are observed during check-out and the number paying by card, credit or debit, is recorded. Records from the store suggest that 43% of customers pay by card....
In all of William Shakespeare's works, he used 884,6475 different words. Of these, 14,376 appeared only once. In 1985 a 429-word poem was discovered that may have been written by Shakespeare. To keep...
Consider the statement, The conclusion is that the more convex bond outperforms the less convex bond [Reading 55 Understanding Fixed Income risks and Returns, CFA Institute, 2014]. Explain this...
a personal care company has developed shampoo and conditioning products for dandruff control, coloured hair, volume, permed hair and straight hair. what has the company done to its product's target...
How do B-to-B transactions help with Supply Chain management?

A student buys a lottery ticket for $2. The prize is a bicycle worth $500. The winning

Question:

Step by Step Answer:

a The probability student holds the w...View the full answer

Statistics Principles And Methods

Students also viewed these Business questions