Homework Help: math

Posted by saleema on Saturday, November 10, 2012 at 11:47pm.

suppose a lottery game allows you to select a 2-digit number. Each digit may be either 1,2,3,4,5. if you pick the winning number you win $10 otherwise you win nothing A)what is the probability that you will pick the winning number B) the notation E(payoff)means the expected (or average)payoff. What is E(payoff) C)if the lottery tickets cost $1 how much should you expect to loose on the average per play

math - Reiny, Sunday, November 11, 2012 at 8:18am
number of possible 2 digit numbers is
5x4 or 20
So the prob of a win is 1/20

E($10) = (1/20)(10) = .50 or 50 cents

So you would expect to lose 50 cents (or win 50 cents) on each $1 play.

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