1) Suppose you buy a lottery ticket for $5.00. You have a 1/200 chance of winnin
ID: 3356172 • Letter: 1
Question
1) Suppose you buy a lottery ticket for $5.00. You have a 1/200 chance of winning $100, a 1/100 chance of winning $50 an a 1/10 chance of winning $10. What is the expected value? Should you play. Please show all work and round to 2 decimal
2)
A study of students taking statistics revealed the following. Put all answers as fractions on lowest terms.
Worked Full-Time
Worked Part-time
Men
25
280
Women
45
405
a) If one person is chosen at random, find the probability they work part-time.
b) If one person is chosen at random, find the probability the person is female or works full-time
c) If one person is chosen at random, find the probability the person is a male given they work part-time.
Worked Full-Time
Worked Part-time
Men
25
280
Women
45
405
Explanation / Answer
Q1) Expected value = (100/200)+ (50/100)+ (10/10)-5 = -$3.00
Q2) a) P( Work time ) = (280+405)/(25+280+45+405) = 137/151
b) P( female or works full-time) = (25+45+405)/755 = 95/151
c) P( Male/work part time) = 280/(280+405) = 56/137
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