expected value of your ticketazi.vb
Q) Suppose you have bought a $20 raffle ticket. 100,000 tickets have been sold
numbered 00000-99999. Your ticket number is 75555. One ticket number will be drawn at random, and the following prizes will be awarded
. a grand prize of $1,000.000 for the person with the ticket that matches ticket number exactly
. several prizes of $1,000 for people whose ticket numbers match on the last 3 digits but
not on all 5 digits) [For example, you would win $1000 if the winning ticket number were 00555 or 25555.]
(a) What is the expected value of your ticket?
(b) Suppose your friend has learned the winnmg ticket number and teases you
by telling you that it contains exactly 4 fives. Although this doesn’t guarantee that you
have won a prize, it clearly improves your chances. Given this additional information
what is the new expected value of your ticket?
(Hint: How many different 5-digit ticket numbers have exactly 4 fives?)
- 8 years ago
- History Paper
- Brad’s therapist is treating his depression by helping Brad evaluate the rationality of his automatic thoughts, and identify and alter...
- Determine the net cash flows from operating activities, investing activities, and financing activities. Also determine the net increase or decrease...
- Algebra- Matrices
- Miguel subtracts two numbers and gets the answer 4.95. The lesser of the two number 3.4. What is the other...
- Grandma's Bakery sells single-crust apple pies for $6.99 and double-crusts pies for $10.99. The total number of pies sold on...
- Instructions: 1. Write the null and alternative hypotheses. 2. Calculate the test statistic. 3. Determine the critical value whether or...
- Physics MID TERM
- why is oxygen an element?