Textbook ExpertVerified Tutor
29 Nov 2021
Given information
You buy a lottery ticket costing $
.
Total 
tickets were sold.
Prizes are:
,
and 
Step-by-step explanation
Step 1.
Let X is a random variable which defines the expected profit.
If you buy a ticket there are few options that you can get 490 as expected profit because you won 500 and you paid 10, So, the difference is 490. Similarly there are other probable profits are 90 and 15 and if you do not won any prize that means you lose 10.
Formula used for expected profit and loss:
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Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208
Solutions
Chapter
Section
- Problem 36
- Problem 69a
- Problem 69b
- Problem 70a
- Problem 70b
- Problem 70c
- Problem 70d
- Problem 70e
- Problem 71a
- Problem 71b
- Problem 71c
- Problem 72
- Problem 73a
- Problem 73b
- Problem 74a
- Problem 74b
- Problem 74c
- Problem 74d
- Problem 74e
- Problem 74f
- Problem 75a
- Problem 75b
- Problem 75c
- Problem 75d
- Problem 75e
- Problem 76a
- Problem 76b
- Problem 76c
- Problem 76d
- Problem 77
- Problem 78a
- Problem 78b
- Problem 78c
- Problem 78d
- Problem 78e
- Problem 78f
- Problem 78g
- Problem 78h
- Problem 79a
- Problem 79b
- Problem 79c
- Problem 80a
- Problem 80b
- Problem 80c
- Problem 81
- Problem 82
- Problem 82d
- Problem 83
- Problem 84
- Problem 85
- Problem 86
- Problem 87a
- Problem 87b
- Problem 87c
- Problem 87d
- Problem 88a
- Problem 88b
- Problem 88c
- Problem 88d
- Problem 88e
- Problem 88f
- Problem 89
- Problem 90
- Problem 91
- Problem 92
- Problem 93
- Problem 94a
- Problem 94b
- Problem 94c
- Problem 94d
- Problem 94e
- Problem 94f
- Problem 95a
- Problem 95b
- Problem 95c
- Problem 95d
- Problem 95e
- Problem 95f
- Problem 96a
- Problem 96b
- Problem 96c
- Problem 96d
- Problem 96e
- Problem 96f
- Problem 97a
- Problem 97b
- Problem 97c
- Problem 97d
- Problem 97e
- Problem 97f
- Problem 98a
- Problem 98b
- Problem 98c
- Problem 98d
- Problem 98e
- Problem 98f
- Problem 99a
- Problem 99b
- Problem 99c
- Problem 99d
- Problem 99e
- Problem 99f
- Problem 100a
- Problem 100b
- Problem 100c
- Problem 100d
- Problem 100e
- Problem 100f
- Problem 101a
- Problem 101b
- Problem 101c
- Problem 101d
- Problem 101e
- Problem 101e
- Problem 101f
- Problem 101g
- Problem 102a
- Problem 102b
- Problem 102c
- Problem 102d
- Problem 102e
- Problem 103a
- Problem 103b
- Problem 103c
- Problem 104a
- Problem 104b
- Problem 104c
- Problem 104d
- Problem 104e
- Problem 104f
- Problem 105a
- Problem 105b
- Problem 105c
- Problem 105d
- Problem 105e
- Problem 105f
- Problem 106a
- Problem 106b
- Problem 106c
- Problem 106d
- Problem 106e
- Problem 106f
- Problem 106g
- Problem 107a
- Problem 107b
- Problem 107c
- Problem 107d
- Problem 107e
- Problem 107f
- Problem 107g
- Problem 107h
- Problem 107i
- Problem 108a
- Problem 108b
- Problem 108c
- Problem 108d
- Problem 109
- Problem 110a
- Problem 110b
- Problem 110c
- Problem 110d
- Problem 111a
- Problem 111b
- Problem 111c
- Problem 111d
- Problem 111e
- Problem 112a
- Problem 112b
- Problem 112c
- Problem 113a
- Problem 113b
- Problem 113c
- Problem 113d
- Problem 113e
- Problem 114a
- Problem 114b
- Problem 114c
- Problem 114d
- Problem 114e
- Problem 114f
- Problem 115a
- Problem 115b
- Problem 115c
- Problem 115d
- Problem 116a
- Problem 116b
- Problem 116c
- Problem 116d
- Problem 116e
- Problem 116f
- Problem 116g
- Problem 117a
- Problem 117b
- Problem 117c
- Problem 117d
- Problem 118a
- Problem 118b
- Problem 118c
- Problem 118d
- Problem 118e
- Problem 119
- Problem 120a
- Problem 120b
- Problem 120c
- Problem 120d
- Problem 120e
- Problem 120f
- Problem 121a
- Problem 121b
- Problem 121c
- Problem 121d
- Problem 121e
- Problem 121f
- Problem 122a
- Problem 122b
- Problem 122c
- Problem 122d
- Problem 122e
- Problem 122f
- Problem 123a
- Problem 123b
- Problem 123c
- Problem 123d
- Problem 123e
- Problem 123f
- Problem 123g
- Problem 124a
- Problem 124b
- Problem 124c
- Problem 124d
- Problem 124e
- Problem 124f
- Problem 125a
- Problem 125b
- Problem 125c
- Problem 125d
- Problem 125e
- Problem 125f
- Problem 126a
- Problem 126b
- Problem 126c
- Problem 126d
- Problem 126e
- Problem 126f
- Problem 127a
- Problem 127b
- Problem 127b
- Problem 127c
- Problem 127d
- Problem 127e
- Problem 127f
- Problem 127g
- Problem 128
- Problem 129