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Ohio Pick 4 In Ohio’s Pick 4 game, you pay $1 to select a

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 2CRE Chapter 5.5

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 2CRE Problem 2CRE

Ohio Pick 4 In Ohio’s Pick 4 game, you pay $1 to select a sequence of four digits, such as 7709. If you buy only one ticket and win, your prize is $5000 and your net gain is $4999.

a. If you buy one ticket, what is the probability of winning?

b. Construct a table describing the probability distribution corresponding to the purchase of one Pick 4 ticket.

c. If you play this game once every day, find the mean number of wins in years with exactly 365 days.

d. If you play this game once every day, find the probability of winning exactly once in 365 days.

e. Find the expected value for the purchase of one ticket.

Step-by-Step Solution:

Answer :

Step 1 of 1

Given

Ohio Pick 4 In Ohio’s Pick 4 game, you pay $1 to select a sequence of four digits, such as 7709. If you buy only one ticket and win, your prize is $5000 and your net gain is $4999.

a)

If you buy one ticket, the probability of winning is.

Let we are altered to pick a 0 for the first digit.

Number of four digit sequence   or

So, Number of four digit = 10,000

Now if we buy one ticket =

                                         = 0.0001

Therefore the probability of winning is 0.0001

b)

Let the table describing the probability distribution corresponding to the purchase of one Pick 4 ticket.

Don’t get dollar back to that we used to buy ticket with 4999

Then the probability table is given below.

x

p(x)

x p(x)

Win

4999

1/10000

4999/10000 = 0.4999

Lose

-1

9999/10000

-9999/10000 = -0.9999

Sum

                        -0.5

c)

If you play this game once every day,the mean number of wins in years with exactly 365 days.

So we know that the mean number of wins in years with exactly 365 days.

Then Therefore the probability of winning is or 0.0001

= 365

= 365 (0.0001)

= 0.0365

Therefore the mean number of wins in years with exactly 365 days is 0.0365.

d)

If you play this game once every day.

We have to find the probability of winning exactly once in 365 days.

= 365

= 0.0352

Therefore the probability of winning exactly once in 365 days = 0.0352

e)

Let the expected value for the purchase of one ticket.

The expected value formula is given by

 

Where

x =an outcome

μ = mean

) = probability of that out come

E(x) = expected value  

x p(x)

4999/10000 = 0.4999

-9999/10000 = -0.9999

 -0.5

From the above table we know that

Therefore the expected value for the purchase of one ticket = -0.5

Step 2 of 1

Chapter 5.5, Problem 2CRE is Solved
Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

Since the solution to 2CRE from 5.5 chapter was answered, more than 1373 students have viewed the full step-by-step answer. This textbook survival guide was created for the textbook: Elementary Statistics, edition: 12. The full step-by-step solution to problem: 2CRE from chapter: 5.5 was answered by , our top Statistics solution expert on 03/15/17, 10:30PM. The answer to “Ohio Pick 4 In Ohio’s Pick 4 game, you pay $1 to select a sequence of four digits, such as 7709. If you buy only one ticket and win, your prize is $5000 and your net gain is $4999.a. If you buy one ticket, what is the probability of winning?________________b. Construct a table describing the probability distribution corresponding to the purchase of one Pick 4 ticket.________________c. If you play this game once every day, find the mean number of wins in years with exactly 365 days.________________d. If you play this game once every day, find the probability of winning exactly once in 365 days.________________e. Find the expected value for the purchase of one ticket.” is broken down into a number of easy to follow steps, and 114 words. Elementary Statistics was written by and is associated to the ISBN: 9780321836960. This full solution covers the following key subjects: ticket, once, Game, Find, pick. This expansive textbook survival guide covers 121 chapters, and 3629 solutions.

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