Matt K.

asked • 05/22/16

Please help with a probability question.

in a special raffle, a ticket costs $2.00. you Mark any four digits on a card (repetition and 0 are allowed). if you select the winning number, you win $15,000. what is the expected value?

Joseph C.

tutor
From how many choices are the four digits selected? Using the California lottery as an example, a person may select any six digits from a total of 51 numbers.
Report

05/23/16

Matt K.

That's all the information that was provided. I'm not sure if the range is meant to be 0000-9999
Report

05/23/16

1 Expert Answer

By:

Arnold F. answered • 05/23/16

Tutor
5 (53)

College Professor & Expert Tutor In Statistics and Calculus

See tutors like this
See tutors like this
So you're selecting a 4-digit number from 0000-9999. The probability of choosing the winning number is 1/10000 and of choosing a losing number is 9999/10000.
 
E(x)= (net gain)P(winning) + (net loss)P(losing)
 
 
Any questions?
Upvote • 0 Downvote
More
Report

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.