Homework Help: Statistics

Posted by Casey on Sunday, August 29, 2010 at 3:13pm.

A lottery ticket has a grand prize of $28 million. The probability of winning the grand prize is .000000023. Based on the expected value of the lottery ticket, would you pay $1 for a ticket? Show your calculations and reasoning clearly.

Statistics - Ms. Sue, Sunday, August 29, 2010 at 3:15pm
http://www.jiskha.com/display.cgi?id=1282928944

Answer this Question

Related Questions

statistic - A lottery ticket has a grand prize of $28 million. The probability ...
Statistics - A lottery ticket costs $1 and the prize is $28,000,000. The ...
Statistics - The state lottery claims that its grand prize is $1 million. The ...
Statisics - The state lottery claims that its grand prize is $1 million. The ...
Statisics - The state lottery claims that its grand prize is $1 million. The ...
Math - Debra is buying prizes for a game at her school's fundraiser. The ...
Math - A lottery has a grand prize of $180,000, two runner-up prizes of $22,500 ...
stats math - Suppose you are selling raffle tickets for $3.00 each. You have the...
Probability - A contest entrant has a .00001 probability of winning $5,000.00. ...
Math - what is the expected value of a fair game? It depends on the game: the ...

For Further Reading

First Name:
School Subject:
Answer: