Short Answer
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.)
-Fill in the blank with the correct dollar amount:
If the lottery agency does not want to lose money over the long run, they must charge at least
$_______ per ticket.
Correct Answer:
Verified
Correct Answer:
Verified
Q50: Suppose that 45% of customers at the
Q51: There are ten Academic Senate faculty in
Q52: Math SAT scores for students admitted to
Q53: A soft drink company holds a contest
Q54: Let X be the amount in claims
Q56: Suppose that only 8% of a large
Q57: Let X = the average number of
Q58: In a large population of college students,
Q59: Assume that, for events and , and
Q60: Suppose you roll a six-sided die once.