Suppose that a lottery has the following odds: Amount won Probability of winning 0 3/5 2 1/5 5 1/10 10 3/50 50 9/250 100 1/250 1. If you pay $4 to play the game, what is the expected amount of money you would gain after playing? 2. What amount of money should you pay if you don’t want to lose any money on average?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
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Suppose that a lottery has the following odds: Amount won Probability of winning 0 3/5 2 1/5 5 1/10 10 3/50 50 9/250 100 1/250 1. If you pay $4 to play the game, what is the expected amount of money you would gain after playing? 2. What amount of money should you pay if you don’t want to lose any money on average?
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