Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 10. suppose the rule for lottery is the following:

10. Suppose the rule for lottery is the following: Each lottery ticket is $1, on...

90.2K

Verified Solution

Question

Accounting

image
10. Suppose the rule for lottery is the following: Each lottery ticket is $1, on which a buyer chooses 6 numbers from {1, 2, 3, ..., 50} with repetitions allowed to form an ordered list of 6 numbers. If a ticket's 6 numbers match the six winning numbers in the right order, the buyer wins exactly $10 million, otherwise the buyer wins nothing. Suppose that when a buyer chooses the 6 numbers for a ticket, each number from {1, 2, 3, ..., 50} is equally likely to be chosen. Under this rule, what is the expected value of the amount of money a ticket buver can win? 10. Suppose the rule for lottery is the following: Each lottery ticket is $1, on which a buyer chooses 6 numbers from {1, 2, 3, ..., 50} with repetitions allowed to form an ordered list of 6 numbers. If a ticket's 6 numbers match the six winning numbers in the right order, the buyer wins exactly $10 million, otherwise the buyer wins nothing. Suppose that when a buyer chooses the 6 numbers for a ticket, each number from {1, 2, 3, ..., 50} is equally likely to be chosen. Under this rule, what is the expected value of the amount of money a ticket buver can win

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Net present value (NPV) Evaluating cash flows with the NPV method The net present value (NPV)...

Finance
Q

The number of different bond angles for nonpolar PBr2F3 is? A. 5 B. 2 C. 3 D. 4

Chemistry
Q

The initial value problem sinx dy/dx-3y = -cos x; y(?) = 0 and has a unique solution. true...

Advance Math
Q

Natural draft cooling tower are shaped like hyperbola for more efficient cooling of power plants...

Calculus
Q

at january 1, 2015 the estimated warranty payable is 9,000. during march 2015 the company...

Accounting
Q

Your assignment: Compute the following: book value of the corporation and book...

Accounting
Q

Three cost drivers are used to estimate the cost of processing insurance claims. The cost...

Accounting
Q

You want to buy a $15,000 car. The company is offering a 3% interest rate...

Accounting
Q

c can someone help me with thin thanks acct100 ch 13 come...

Accounting
Q

individual taxpayers tax return

Accounting
Q

subject is capital markets everything is to be done in Excel and please state...

Finance
Q

Bonita Corporation wishes to exchange a machine used in its operations. Bonita has received the...

Accounting