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1 answer:
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We expect to lose $0.37 per lottery ticket
<u>Explanation:</u>
six winning numbers from = { 1, 2, 3, ....., 50}
So, the probability of winning:
The probability of losing would be:
P(loss) = 1 - P(win)
According to the question,
When we win, then we gain $10 million and lose the cost of the lottery ticket.
So,
$10,000,000 - 1 = $9,999,999
When we lose, then we lose the cost of the lottery ticket = $1
The expected value is the sum of the product of each possibility x with its probability P(x):
E(x) = ∑ xP(x)
Thus, we expect to lose $0.37 per lottery ticket
Option 'C' is correct
<u>Explanation:</u>
Present value of an ordinary annuity of $1
The present value of an annuity is the current value of future payments from an annuity, given a specified rate of return or discount rate.
The future estimation of cash is determined by utilizing a rebate rate. The markdown rate alludes to a financing cost or an accepted pace of profit for different speculations. The littlest markdown rate utilized in these figurings is the hazard free pace of return. U.S. Treasury bonds are commonly viewed as the nearest thing to a hazard-free venture, so their arrival is regularly utilized for this reason.