Nine lollies cost less than $10, while ten lollies cost more than $11 how much does each lollipop cost?
2 answers:
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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.