Homework Help: College Algebra

Posted by Stacy on Tuesday, February 26, 2013 at 7:53pm.

Provide one example to show how you can use the Expected Value computation to assess the fairness of a situation (probability experiment). Provide the detailed steps and calculations.

College Algebra - bobpursley, Tuesday, February 26, 2013 at 7:56pm
Texas Lottery: grand prize is 1,000,000 dollars.

Tickets cost $2
Expected number sold: 4.3 million.

probability win: 1/4.3million

expected value of a $2 ticket=1million/4.3 million=23cents

Answer this Question

Related Questions

College Algebra - 1. Use the Intermediate Value Theorem to show that the ...
college algebra, Please help!! - use the intermediate value theorem to show that...
College Math - Volunteers working to raise funds for a new community library ...
Intro to probability - Two balanced coins are tossed. What are the expected ...
College Algebra - Value of Computer Software The value V, in dollars, of a ...
college algebra--need help please!! - use the intermediate value theorem to show...
math - 1000 tickets for prizes are sold for $2 each. Seven prizes will be ...
math - expected value and fair price - one hundred raffle tickets are sold for $...
crt/205 college - How can a person distinguish between the prejudicial and ...
math - I'm having issues with understanding exactly how Expected Values work...

For Further Reading

First Name:
School Subject:
Answer: