Question

In the new york state numbers lottery, you pay $3 and can bet that the sum of the numbers that come up is $13 . the probability of winning is 0.08, and if you win, you win $9.50 , which is a profit of $6.50. if you lose, you lose $3.

Answer 1

To calculate the expected profit of playing the New York State Numbers Lottery, multiply the probability of winning by the profit if you win, and subtract the probability of losing multiplied by the loss if you lose. In this case, the expected profit is -$2.24.

Step-by-step explanation:

The subject of this question is Mathematics. The student is asking about the expected profit of playing a game in the New York State Numbers Lottery.

To calculate the expected profit, we need to multiply the probability of winning by the amount of profit if you win, and subtract the probability of losing multiplied by the amount of loss if you lose.

In this case, the probability of winning is 0.08 and the profit if you win is $6.50. The probability of losing is 1 - 0.08 = 0.92 and the loss if you lose is $3.

Therefore, the expected profit is (0.08 * $6.50) - (0.92 * $3) = $0.52 - $2.76 = -$2.24.