Should you buy them
You have been offered a chance to purchase hundreds of lottery tickets with a 2% chance of making $1,000; 5% chance of making $100; and 93% chance of making $0. The price of each ticket is $20. Should you buy them? Why?
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Create a menu that allows the administrator to simulate the transmissions of information by manually typing in the login or logoff data. Whenever someone logs in or out, the display should be updated.
What is the expected value of a lottery ticket where there are only two chances in a million of winning the grand prize of $25 Million?
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Assume that 80% of the adult population in the United States has tasted either Coke or Pepsi. For a sample of 250 adults, How many would you expect to have tasted either Coke or Pepsi? Whats the variance?
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