Multiple Choice
An "instant lottery" is played by buying a ticket and scratching off a coating to reveal whether or not you have won a prize, and if so, how much. Suppose an instant lottery pays $5 with probability 0.05 and $100 with probability 0.006. Otherwise it pays nothing. Define
X = amount won for a single ticket. (You can ignore the cost of the ticket.)
-Let $D be the expected value of X. Which of the following is a correct interpretation of this value?
A) We would expect a randomly chosen ticket to result in a win of $D.
B) The most likely value for the amount won for a single ticket is $D.
C) The amount won for a single ticket will deviate, on average, from the expected amount won by about $D.
D) If you were to play the instant lottery many times, the average amount won per ticket would be around $D.
Correct Answer:

Verified
Correct Answer:
Verified
Q108: Let X be the amount in claims
Q109: A soft drink company holds a contest
Q110: ?<sub>X</sub>=?<sub>Y</sub>.
Q111: In a large population of college students,
Q112: The volume in a can of soda
Q114: A tire manufacturer designed a new tread
Q115: In a large population of college students,
Q116: An online psychic (psi) ability or extrasensory
Q117: Suppose that 45% of customers at the
Q118: Suppose X is a random variable with