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8.2 Estimating Likelihood

8.2 Estimating Likelihood
  • Math Help

    Here are some of the terms used in theoretical probability.

    Experiment  An activity whose result is uncertain

    Outcome  The possible results of an experiment

    Event  A collection of one or more outcomes

    Favorable outcome The outcomes of a specific event

    Here is how these terms apply to Example 1(a).

    Experiment  The Daily Number is drawn.

    Outcome  All three-digit numbers, 000 to 999; 1000 possible numbers

    Event  You pick one 3-digit number.

    Favorable outcome  The number you pick is the Daily Number.

  • Consumer Suggestion

    Winning the lottery is often a life changing event. Check out this article from to read about 7 interesting lottery winners' stories, including the story of a man who escaped 7 near death experiences in his lifetime and won $1 million dollars in the lottery.

  • Checkpoint Solution

    You have a chance to win each time you play. You play 10 times each day for 100 days. So, you expect to win

    You spend

    If you win once, you will win $500, making your net earnings

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    system user
    Guest   10 years ago |
    In the caption to the photograph, notice that state lotteries return only $32 billion on receipts of $52 billion. This is an average return of about 60%, which is far less than the return at a typical casino.