Author Topic: Maths General (Read 691 times) Tweet Share

chelsea.tran30 · « **on:** July 25, 2018, 01:24:03 pm »

The probabilities of winning cash prizes on an instant lottery ticket are listed.

Prize: Probability:
$2 0.17
$5 0.08
$50 0.008
$100 0.0047
$500 0.00047
$1000 0.00005

a) What is the nancial expectation from one ticket?

b) If Ailine buys 200 tickets at $2 each:
i how much does she spend?
ii how much can she expect to collect?

RuiAce · « **Reply #1 on:** July 25, 2018, 01:47:20 pm »

$\text{Perform the relevant multiplications and add them up:}\\ \begin{align*}2\times 0.17&=0.34\\ 5\times 0.08 &= 0.4\\ 50\times 0.08&= 0.4\\ 100\times 0.0047&=0.47\\ 500\times 0.00047 &= 0.235\\ 1000\times 0.00005 &= 0.05\end{align*}\\ \text{The numbers sum to 1.895}$
Obviously $400 was spent.
$\text{It turns out that if you expect to claim }\$1.895\text{ from 1 ticket,}\\ \text{you expect to claim }200 \times \$1.895 = \$379\text{ from 200 tickets.}$

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Author Topic: Maths General (Read 691 times) Tweet Share

chelsea.tran30

Maths General

RuiAce

Re: Maths General

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