SOLUTION: I am completely lost on this question:
The next state lottery will have the following payoffs possible with their associated probabilities.
Payoff Probability
$2.00
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-> SOLUTION: I am completely lost on this question:
The next state lottery will have the following payoffs possible with their associated probabilities.
Payoff Probability
$2.00
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Question 316545: I am completely lost on this question:
The next state lottery will have the following payoffs possible with their associated probabilities.
Payoff Probability
$2.00 0.0500
$25.00 0.0100
$100.00 0.0050
$500.00 0.0010
$5,000.00 0.0005
$10,000.00 0.0001
You buy a single ticket.
3. Referring to Table 4-7, if you have a winning ticket, the probability that you win at least $100.00 is
Any help would be appreciated. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! P(at least 100)=P(100)+P(500)+P(5000)+P(10000)
P(at least 100)=0.005+0.001+0.0005+0.0001
P(at least 100)=0.0066
