Do Homework Abrar Alabdulwahed Internet Explorer P https www

Do Homework Abrar Alabdulwahed Internet Explorer P https //www.mathod com Student playerHomework aspo homeworkid 2663332316 queptionid 15&fushed; false&cldz; 29550378 Homework: HW 6.1 Score: 0 of 1 pt 18 of 19 (15 complete HW Score: 72.32%, 61,33 For multistate lottery, the following probebaty distribution represents the cash Pnaes of the lottery Geand prize 000000000528 0.000001640 0000147418 0007480107 001074413 00000475127 (s) the grand prire iss12.oooooo snd and interpret the cash prize ticket oosts s1, what your expected prosreom one sicker? expected The expected cash prze is s (Round to nearest oent. needed Enter your answer in the answer box, then click Check Answer

Solution

a)

Expected cash prize

= sum ( x * P(x) )

= 12,000,000 * 0.00000000529 + 200,000 * 0.00000014 + 10,000 * 0.000001549 + 100 * 0.000147418 + 7 * 0.003679138 + 4 * 0.007480107 + 3 * 0.01874413 + 0 * 0.96994751271

= 0.23

b)

expected profit = expected cash prize - ticket cost

= 0.23 -1

= - 0.77 (loss) ............ans