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Lottery: In the New York State Numbers Lottery, you pay $1 and pick a number from 000 to 999. If your number comes up, you win $750, which is a profit of $749. If you lose, you lose $1. Your probability of winning is 0.001. Part: 0 / 2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is 749 Х s

Respuesta :

The expected value of your profit is -0.25 which is loss, if probability of winning is 0.001.

Define probability.

The area of mathematics known as probability explores potential outcomes of events as well as their relative probabilities and distributions. In everyday speech, the term "probability" refers to the likelihood that a specific event (or set of events) will take place, expressed as a number between 0 and 100% or as a linear scale from 0 (impossibility) to 1 (certainty). Statistics is the study of events that follow a probability distribution.

Given,

Probability of winning = 0.001

probability of losing = 0.999

Expected value of profit can be calculated,

E(x)

= (749 x 0.001) + (-1 x 0.999)

= -0.25

To learn more about probability, visit:

https://brainly.com/question/11234923

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