Two positive numbers have a difference of 17. The larger number is one more than twice the smaller. Find the two numbers.
1 answer:
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It's hard to explain, but theres a trick to it too.
A. How many different selections are possible?
B. What is the probability of winning?
C. If you win, what is your net profit?
D. Find the expected value
Answer :
A. sequence of three digits (from 0 to 9). so 10 numbers.
We know 3 lottery games. So possible selections = 10^3 = 1000
B. Probability of winning = one outcome / total outcomes
P( winning) = = 0.001
c. Net profit = winning amount - paid amount
= 384.13 - 1.33 = $382.8
D. expected value
E(x) = net profit * winning probability - paid amount * lost probability
E(x) = 382.8 * 0.001 - 1.33 * 0.999 = -0.95
you expect to lose 95 cents per ticket.