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In Exercise 15. find the expectation if a person buys two
Chapter 5, Problem 16E(choose chapter or problem)
QUESTION:
Problem 16E
In Exercise 15. find the expectation if a person buys two tickets. Assume that the player’s ticket is replaced after each draw and that the same ticket can win more than one prize.
Questions & Answers
QUESTION:
Problem 16E
In Exercise 15. find the expectation if a person buys two tickets. Assume that the player’s ticket is replaced after each draw and that the same ticket can win more than one prize.
ANSWER:
Solution:
Step 1 of 2:
From the given problem, the lottery offers we have:
1). One $1000 prize,
2). One $500 prize, and
3). Five $100 prizes.
One thousand tickets are sold at $3 each.
We have to find the expectation if a person buys two tickets.