1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kakasveta [241]
3 years ago
10

Suppose that $1 lottery tickets have the following probabilities and values: 1 in 5 to win a free ticket (worth $1), 1 in 100 to

win $5, 1 in 100,000 to win $1000, and 1 in 10 million to win $1 million. What is the expected value of a lottery ticket to the consumer
Business
1 answer:
Fantom [35]3 years ago
4 0

Answer:

$0.36

Explanation:

Expected value of the lottery ticket = (p1 x a1) + (p2 x a2) + (p3 x a3) + (p4 x a4)

p1 = probability of winning $1 = 1/5 = 0.2

a1 = $1

p2 =  probability of winning $5 = 1/100 = 0.01

a2 = $5

p3 =  probability of winning $1000 = 1/100,000 = 0.00001

a3 = $1000

p4 =  probability of winning $1 million = 1/10,000,000 = 0.0000001

a4 = $1 million

(0.2 x 1) + (0.01 x 5) + (0.00001 x 1000) + (1,000,000 x 0.00001) = $0.36

You might be interested in
Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year En
Alexeev081 [22]

Answer:

Explanation:

The retained earning are the earnings of the business organization which is earned until the date.

The net income or net loss would reflect in the statement of the retained earning account.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

The journal entry is shown below:

Retained earnings A/c Dr $3,000

          To Dividend A/c $3,000

(Being dividend account is closed)

4 0
3 years ago
1. Most students initially believe that if they are good at math, they will be good at accounting.True / False
Contact [7]

Answer:

1. True

2. a & c

3. b

4. a, b & c

5. a, b & c

Explanation:

When you feel interested in math, it's likely accounting is suitable for you.

please read more articles about accounting in these links

https://www.accountingcoach.com/accounting-principles/explanation

https://studymoose.com/foundational-accounting-principles-and-terminology-essay

https://www.edx.org/course/management-accounting-acca-fma-f2-x-8

7 0
3 years ago
Raw Materials Inventory, beginning to balance $36,000
lesya692 [45]

Answer:

1. Journal Entry                        Debit        Credit

  Raw materials inventory      $73,400

   ($72,000 + $1,400)

          Accounts payable                          $73,400

   (Being raw materials purchase on credit)

2. Journal Entry                        Debit        Credit

  Work in process                      $64,300

   ($64,000 + $300)

        Raw materials inventory                    $64,300

                   <u>Raw Material Inventory Account</u>

Beginning balance    $36,000  |  Work in process $64,300

Purchase                    $73,400  |                              <u>            </u>

                                                   | Ending balance    <u>$45,100</u>

                                                   |  ($36,000 + $73,400 - $64,300)

3 0
3 years ago
Alex has a new idea for a way to cut costs in his department, but he is not willing to share his idea with his boss because the
marshall27 [118]
Reward both successes and failures
7 0
3 years ago
Structural unemployment is caused by: Group of answer choices people losing a job when their skills become obsolete due to techn
Tanzania [10]

Structural unemployment is caused by <u>people losing a job when their skills become obsolete due to technological innovations.</u>

  • People who wish to work but are unable to obtain job are said to be experiencing structural unemployment. The abilities of the workers and the talents that businesses required do not match in structural unemployment.
  • Because the abilities of the workforce won't change despite advances in technology, if technological breakthroughs improve, there will be structural unemployment.
  • As a result of their inability to keep up with modern technology, they are losing their jobs.
<h2>What is Structural unemployment?</h2>

A mismatch between the skills of the jobless and the jobs that are available is referred to as structural unemployment. It differs from cyclical unemployment in that it results from factors other than the business cycle. 1 It happens when an underlying economic shift makes it challenging for some people to find work. It is more difficult to reverse than other forms of unemployment.

Learn more about types of structural unemployment at brainly.com/question/17272067?referrer=searchResults

#SPJ4

3 0
2 years ago
Other questions:
  • 1. Scenario: Stephanie has been driving for four years without any major auto accidents-until today. It was pouring rain when sh
    5·1 answer
  • In regard to an operating budget identifiable costs may generally include _________.
    9·1 answer
  • acques manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday
    8·1 answer
  • For all practical purposes, listed stock options always expire
    13·1 answer
  • Stanley likes using fountain pens. When he came across a new series of fountain pens manufactured by Dilloit Pens, he eagerly bo
    14·1 answer
  • Suppose that a country bandcountry band called Only HereOnly Here has released its first CD with WantedWanted Records at an inte
    9·1 answer
  • Do you feel that there is a difference in the quality of a private brand versus a national brand? Why or why not?
    8·1 answer
  • Closing inventory is RM 800.
    15·1 answer
  • About how much should you save in emergency fund
    6·1 answer
  • *WILL AWARD BRAINLIEST IF CORRECT!*
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!