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Using the expected values obtained in the text and in the preceding even-numbered exercises, determine a casino’s expected net income from a
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Mathematics: A Practical Odyssey
- Emily has $10000 to invest in Apple stock. In the next month, the stock has a 30% chance of gaining 12%, a 40% chance of gaining 3% and a 30% chance of losing 6%. What is her expected value for this investment?arrow_forwardA local flower shop is selling $1 raffle tickets and is donating all proceeds to the children's hospital. They sold 5,500 tickets and plan to give away 20 flower arrangements valued at $70 and 20 gift certificates valued at $25. Find the expected value of purchasing a raffle ticket.arrow_forwardA magazine subscription service is having a contest in which the prize is 180000. If the company receives 3 million entries, which is the expection of the contest?arrow_forward
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- Avery sets up a passcode on her smart phone, which allows only six-digit codes. She has heard that it's more secure if a digit is repeated in the passcode. A spy sneaks a look at Avery's smart phone and sees her fingerprints on the screen over five numbers. What is the probability the spy is able to unlock the smart phone on his first try? Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.arrow_forwardA raffle offers one 100,000 prize, one 50,000 prize and five 10,000 prizes. One thousand tickets are sold at 300 each. Find the expectation if a person buys one ticket.arrow_forwardA college foundation raises funds by selling 600 raffle tickets for a new car worth $32,000 at $100 each. (a) Find the expected net winnings of a person buying one of the tickets. (b) Find the total profit for the foundation, assuming they had to purchase the car. (c) Find the total profit for the foundation, assuming the car was donated.arrow_forward
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