What are the cents per ounce ?
1 answer:
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Answer:
Expected value of profit is ≅ $15.80
Step-by-step explanation:
from the Question,
Let the variable X represents the expected value of profit. X is called as random variable because picking a number from 000-999 digits is a Random process.
P(win) =
So, P(lose) =
Suppose that,
we really want to win this lottery. so we can go to the store and spend $1000 to buy all ticket (from 000 - 999). This would ensure your winning of $500 with one of the tickets (for a $499 profit), but the other 999 would be losers (for a $999 loss).
What would be your average winnings on a per-ticket basis?
∑
=
Here,
Standard deviation of the expected winnings
∑
= ∑
Taking square root of the variance to get the standard deviation:
SD(x) =
≅ $15.80
Hence
The expected value of profit is ≅ $15.80