College Algebra (10th Edition)

Published by Pearson
ISBN 10: 0321979478
ISBN 13: 978-0-32197-947-6

Chapter 10 - Projects - Page 711: 5

Answer

See below.

Work Step by Step

The expected cash prize is the sum of all the probabilities and winnings multiplied. $100,000,000\cdot0.00000000386+1,000,000\cdot0.00000005408+5000\cdot0.00001892689+50\cdot0.00009328256+5\cdot0.00342036036+2\cdot0.01770813839+1\cdot0.04674948535=0.63864614193$ From above the expected cash prize is $0.63864614193$, thus the expected financial result is: expected cash prize-ticket price$=0.63864614193-1=-0.36135385807$, which is a loss of $0.36135385807$.
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