lottery payoff

Description

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Question

A $1 bet in a state lottery Pick 3 game pays $500 if the 3-digit number you choose exactly matches the winning number, which is drawn at random. Here's the distribution of the payoff X: Payoff X $0 $500 Probability 0.999 0.001 Each day's drawing is independent of other drawings. a) What's the mean and t... May 06 2012 05:26 PM

 

Solution ID:609122 | This paper was updated on 26-Nov-2015

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