An online gambling site offers a first prize of $50000 and two second prizes of $20000 each for registered users when they place a bet. A random bet will be selected over a 24hour period. Two million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period.

−0.955

Explanation:

Given the following :

Worth of placing a registered bet = $1

1st price = $50,000

2nd price = $20,000

Total bets received = 2,000,000

Net winning :

Winning - worth of placing a registered bet

Ist price = $50,000 - $1 = $49,999

2nd price = $20,000 - $1 = $19,999

Amount lost = - $1

number of losers = 2,000,000 - 3 = 1,999,997

Probability :

Probability = (required outcome / Total possible outcomes)

Number of 1st price winners = 1

Number of second price winners = 2

P(1st price) = 1 / 2,000,000

P(2nd price) = 2/ 2,000,000 = 1/ 1,000,000

Therefore ;

Net winning (x) - - 49,999 - 19,999 - - - (-1)

P(winning) p(x) - - 1/2mill - - 1/1mill-- 1999997/2mill

Expected winnings = sum of [(x) * p(x)]

= ($49,999 * 0.0000005) + (19,999 * 0.000001) +(-1 * 0.9999985)

= 0.0249995 + 0.019999 − 0.9999985

= 0.0449985 - 0.9999985

= - 0.955

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hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi