A lottery has a grand prize of $300,000, four runner-up prizes of $37,500each, ten third-place prizes of $6000 each, and twenty-two consolationprizes of $3000 each. If 1,200,000 tickets are sold for $1 each and theprobability of any one ticket winning is the same as that of any other ticketwinning, find the expected net winnings on a $1 ticket. (Round your answerto two decimal places.)$52xplease answer in typingformat

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Answered: A lottery has a grand prize of…

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.3: Equations Involving Decimals And Problem Solving

Problem 65PS

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Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3,000 tickets are sold at $1.00 each, find the expected net winnings for a person who buys 1 ticket.
A new game is being introduced at the Hard Rock Cafe. A ball is spun around a wheel until it comes to rest in one of many spots. Whatever is listed in that spot will be the player's winnings. If the wheel has 16 spots labeled $1, 9 spots labeled $2, and 7 spots labeled $10, how much should a player expect to win on average? Round to the nearest cent.
A new game is being introduced at the Hard Rock Cafe. A ball is spun around a wheel until it comes to rest in one of many spots. Whatever is listed in that spot will be the player's winnings. If the wheel has 20 spots labeled $1, 13 spots labeled $2, and 2 spots labeled $10, how much should a player expect to win on average? Round to the nearest cent. Your Answer:
In a gambling game, a woman is paid $9 if she draws a nine or an ace and $12 if she draws a four or a jack from an ordinary deck of 52 playing cards. If she draws any other card, she loses. How much should she pay to play if the game is fair? If the game is fair, the woman should play $ to play. (Type an integer or a decimal. Round to the nearest cent as needed.)
the lottery winner who is going to invest in utility bonds and a savings account using the following data: Assume that her total winnings are $ 400000, that the utility bonds will pay 3 percent per year, and that the savings account will pay 2 percent per year. How much should she allocate to each investment in order for the yearly incomes from them to be the same?Utility Bonds: $ Savings Account: $ What will be her total yearly income from these investments? $
In a gambling game, a woman is paid $7 if she draws a ten, a three, or a seven and $9 if she draws a queen, a five, or a king from an ordinary deck of 52 playing cards. If she draws any other card, she loses. How much should she pay to play if the game is fair? If the game is fair, the woman should play $ to play. (Type an integer or a decimal. Round to the nearest cent as needed.)
An appliance store sells additional warranties on its refrigerators. Twenty percent of the buyers buy the limited warranty for $100 and 5% buy the extended warranty for $200. What is the expected revenue for the store from the warranty if it sells 120 refrigerators?
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws two spades in succession from a standard deck of 52 cards replacing the first card, you give him $⁢50. Otherwise, he pays you $⁢10. If the same bet was made 30 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary.
At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. So, if you risk $1 on a column and win, you net gain +2 dollars. If you lose, your net equals –1 dollar. Suppose you will play for 100 rounds and bet one dollar on a column each round. (You may enter values rounded to the nearest cent. Beware of carried rounding error.) Your average net gain per play equals 0.0526 dollars. The SD of your net gain per play equals 1.39 dollars. The expected value of your total net gain after 100 plays equals -5.3 dollars. The standard error of your total net gain after 100 plays equals 13.94 dollars.
Suppose you pay $1.00 to roll a fair die with the understanding that you will get back $3 for rolling a 2 or a 5, nothing otherwise. You will not have your payment of $1.00 refunded. What are your expected winnings? A. $1.00B. − $1.00C. $3D. $0
A local gas station has developed a new lottery scratch card in which they want 20% of contestants to win a small prize, 5% of contestants to win a medium prize, and 1% of contestants to win a large prize. If the scratch card costs buyers $5, determine how much each prize should award if the store wishes to make a long-run average of $1 for each scratch card sold.
Suppose a student is offered a chance to draw a card from an ordinary deck of 52 playing cards and win $14 for an ace, $10 for a king, and $2 for a queen. If the student pays $4 to play the game, what is the amount the student expects to win each time? $4

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