Correction
New member
If you want to understand all the numbers I put here on click this link http://www.wilottery.com/scratchgames/detailticket.aspx?xxx=1116 (this is just a sample of how the exercise is supposed to look like). Hope you understand it and thanks in advance for your help.
A)Type $20Scratch
Overall Odds1:2.9
Odds
$20 1:7
$25 1:20
$40 1:20
$50 1:20
$100 1:20
$1,000 1:6,038
$10,000 1:96,000
$250,000 1:320,000
B) Type $20scratch
Overall Odds1:2.9
Odds
$20 1:7
$25 1:20
$40 1:20
$50 1:20
$100 1:22
$1,000 1:5,815
$10,000 1:90,000
$250,000 1:320,000
1.Create a table showing the prizes and the odds.
2.Calculate the expected value E[x] of playing a single game.
3.Calculate the NET winnings of playing a single game.
4.If you purchased 1,000 tickets, what would you expect your NET loss to be?
5.Which game is the “better” game to play? A or B Explain.
http://www.wilottery.com/scratchgames/index.aspx
P.S.: You can just explain to me how to do it. I'll be glad.
A)Type $20Scratch
Overall Odds1:2.9
Odds
$20 1:7
$25 1:20
$40 1:20
$50 1:20
$100 1:20
$1,000 1:6,038
$10,000 1:96,000
$250,000 1:320,000
B) Type $20scratch
Overall Odds1:2.9
Odds
$20 1:7
$25 1:20
$40 1:20
$50 1:20
$100 1:22
$1,000 1:5,815
$10,000 1:90,000
$250,000 1:320,000
1.Create a table showing the prizes and the odds.
2.Calculate the expected value E[x] of playing a single game.
3.Calculate the NET winnings of playing a single game.
4.If you purchased 1,000 tickets, what would you expect your NET loss to be?
5.Which game is the “better” game to play? A or B Explain.
http://www.wilottery.com/scratchgames/index.aspx
P.S.: You can just explain to me how to do it. I'll be glad.