1 A lottery is held 100 tickets are sold for 5 each If one t

1) A lottery is held. 100 tickets are sold for $5 each. If one ticket will win $300 and the rest win nothing, what is the average value of a ticket.

2) The probability of snow if February is 0.2. For 6 randomly chosen years, what is the probability that exact 3 of them had snow in any order. Give your answer as 0.XX

Solution

a)

Revenue = 100*5 = 500 dollars

To be paid to the wnnign ticket = 300 dollars

So, average profit made = (500 - 300) / 100 = 200 / 100 = $2

b)

6C3 * 0.2)^3 * (1 -0.2)^3

20 * 0.004096

0.08192

So, 0.08