Mathew buys a single ticket for $8 out of a lottery of 1000 tickets where the prize for the one winning is to be $800. How much is the expected earning per ticket?

Given:

The number of tickets = 1000

Mathew buys a single ticket for $8

Winning price = $800

To find:

The expected earning per ticket.

Solution:

It is given that the total number of tickets is 1000. So, the probability of winning is:

The probability of losing is:

The expected earning per ticket is:

Therefore, the expected earning per ticket is -7.192. Here, negative sign means loss of $7.192.

d. 24+-0.114

step-by-step explanation:

the question requires us to calculate the approximate 95% confidence interval for the mean number of ounces of ketchup per bottle in the sample given the following statistics;

sample mean = 24

standard deviation, σ = 0.4

sample size , n = 49

the confidence interval for a population mean is calculated using the formula;

sample mean ± z-score*(σ/sqrt(n))

the z-score associated with a 95% confidence interval, from the standard normal tables, is;

1.96

substituting these values into the formula;

24 ± 1.96*(0.4/7)

= 24 ± 0.112

from the alternatives given, choice d is closest to the above expression;