Answer:
Loss of $1.20
Step-by-step explanation:
The possible outcomes for this lottery and their probabilities are:
- a 1 in 100 chance of winning $450
- a 2 in 100 chance of winning $120
- a 4 in 100 chance of winning $30
- a 93 in 100 chance of losing $10
Therefore, the expected value of this lottery when buying one ticket is:
Therefore, you are expected to lose $1.2 per ticket.
Answer:
D.) If soccer balls are sold for $2.05 or $14.61 each, the store will break even but will not make a profit.
Step-by-step explanation:
Let us assume x = selling price of each soccer ball
y = daily profit earned from selling of soccer balls
Given that
Y=
where,
a = -6
b = 100
c = -180
Now we have to applied the formula which is as follows
x
x^1 = -2.05285
Now
x^2
x^2 = 14.6138
Based on this the option D is most appropriate as per the given situation