AAlra Rodguz Fil Hame Insert Page Laynut Formulas Data Review Viw Help Search 12

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AAlra Rodguz Fil Hame Insert Page Laynut Formulas Data Review Viw Help Search 120 Note: Answer Questions 1-4 by Using your Calculator IMPORTANT: Make sure you carry all decimals until you reach your answer, then round to four decimals 14 One state lottery has 1,000 prizes ot S1; 130 prizes of $10; 30 prizes of $65; 5 prizes of $375; 2 prizes of $1,230; and 1 prize of $2,700. Assume that 32,000 15ottery tickets are issued and sold for $1 ?? 20Gueu1 Wha is the lllery's expecled proit per like 24Cuestionwhat is the lettery's starladof profit per ticket? o|| Suppose a quiz has 11 multiple choice questions. Each question has answer choices. If a student takes the quiz and randomly guesses on every question 34 | Qu2stion 3 Find the probability th student Rets between 1 and 5, exclusive' questions correct. 8 Cuestion 4 Find the protability the student gets more than questicns corect Note: Answer Questions 5-11 by Using the Excel Output HWNotes HWExcel Directions HW Satisfied O Type here to search 808 PM 6 19/2018

Explanation / Answer

Q1 and Q2)

To calculate Variance, we added all the squares of the differences between the earnings from expected winnings and divided it by n, which is the total number of prizes available

Q3 and Q4)

n = 11

p = 1/4 = 0.25

q = 1-p = 0.75

This is a binomial distribution and let X be the number of correct answers

Between 1 and 5 exclusive-

P(X=2)+P(X=3)+P(X=4)

= C(11,2)*(0.25)^2*(0.75)^9 + C(11,3)*(0.25)^3*(0.75)^8 + C(11,4)*(0.25)^4*(0.75)^7

= 0.258 + 0.258 + 0.172 = 0.688

Now we need more than 7 right

C(11,7)*(0.25)^7*(0.75)^4 + C(11,8)*(0.25)^8*(0.75)^3 + C(11,9)*(0.25)^9*(0.75)^2 + C(11,10)*(0.25)^10*(0.75) + C(11,11)*(0.25)^11*(0.75)^0

= 0.0063 + 0.0010 + 0.0001 + 0.000006 + 0.000002

= 0.0074

Let me know if you need anything else, if not please don't forget to like the answer :)

n = no. of prizes p = payout per prize n*p n*p - mean earnings square of the difference 1000 1 1000 -10285 105781225 130 10 1300 -9985 99700225 30 65 1950 -9335 87142225 5 375 1875 -9410 88548100 2 1230 2460 -8825 77880625 1 2700 2700 -8585 73702225 Total in pay outs 11285 Variance 456125.5351 No. of tickets 32000 Standard Deviation 675.370665 Expected winnings per
ticket 0.35265625 SD per ticket 0.021105333

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