A Lottery offers one $1000 prize, one $500 prize, and five $100 prizes. One thousand tickets are sold at $3 each. Find the expected winnings and standard deviation if the double the winnings. And find the expected winnings and standard deviation if you play the game twice.

Answers

Answer 1

Answer:

$1.98

Explanation:

The expected value is given by:

(prize amt - cost to play) x (probability of winning)

So, we have three prizes....the probability of winning the $1000 and $500 prizes is 1/1000 and the probability of the $100 prize is 5/1000. So we have:

(1000 - 3)(1/1000) + (500 - 3)(1/1000) + (100 - 3)(5/1000) ≈ $1.98

In theory, you should probably play.

Related Questions

How do forces determine the shape of a protein?

Answers

Answer:

The primary structure of a protein influences the shape of it.

Its amino acid sequence is starting to fold and to bond the chain of molecules, and that is what determines the threedimensional shape of the protein.

Explanation:

There are a few ways of interactions that determine the shape of the protein, like ionic bonds and hydrogen bonds. The folded proteins are stabilized with bonds among amino acids.

When 4-year old Michael hit his sister, his Mom places him in a time-out by having him stand in a corner for 4 minutes. A time-out is considered to be

Answers

Answer:

Punishment; Effect.

Explanation:

Because hitting his sister is frowned apart, Michael received a punishment for the action, which leads to the effect; The cause is that Michael hit his sister, and because of that, his effect would be his timeout.

Answer:

A punishment.

Explanation:

Kathy and her brother Clay recently ran in a local marathon. The distribution of finishing time for women was approximately normal with mean 259 minutes and standard deviation 32 minutes. The distribution of finishing time for men was approximately normal with mean 242 minutes and standard deviation 29 minutes. The finishing time for Kathy was 272 minutes. What proportion of women who ran the marathon had a finishing time less than Kathy's? Show your work.

Answers

Answer:

The proportion of women who ran the marathon and had a finishing time less than Kathy's is 66% (rounding to the next whole)

Explanation:

1. Let's review the information given to us to answer the question properly:

μ of finishing time for women = 259 minutes

σ of finishing time for women = 32 minutes

Finishing time for Kathy = 272 minutes

2. What proportion of women who ran the marathon had a finishing time less than Kathy's? Show your work.

Let's calculate the z-score for the finishing time for Kathy, as follows:

z-score = (272 - 259)/32

z-score = 13/32 = 0.41 (rounding to the next hundredth)

Using the z-table, now we can calculate the proportion of women who ran the marathon had a finishing time less than Kathy's:

p (z=0.41) = 0.6591

The proportion of women who ran the marathon and had a finishing time less than Kathy's is 66% (rounding to the next whole)

The part of women who took part in the marathon and possessed a finishing time lower than Kathy post rounding it off to the next whole number would be:

- 66%

Given that,

The mean of women's finishing time = 259 minutes

The Standard deviation of women's finishing time = 32 minutes

Kathy's finishing time = 272 minutes

To find,

The part of women who took part in the marathon and possessed a finishing time lower than Kathy post rounding it off to the next whole number = ?

We will first determine Kathy's finishing time through z-score,

z-score [tex]= (272 - 259)/32[/tex]

[tex]= 13/32[/tex]

[tex]= 0.41 (after rounding to the next hundredth)[/tex]

By employing the z-table

[tex]p (z)=0.41[/tex]

[tex]= 0.6591[/tex]

Post rounding off to next hundredth [tex]0.6591[/tex] becomes [tex]66[/tex]%

Thus, 66% is the correct answer.

Learn more about 'Percentage' here:

brainly.com/question/6700561

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