The Probability of Winning a Certain Lottery Is $\frac { 1 } { 76,394 }$

question 75

Multiple Choice

The probability of winning a certain lottery is $\frac { 1 } { 76,394 }$ For people who play 987 times, find the mean number of wins.

• A) 0.0129
• B) 0.000013
• C) 77.4
• D) 0.0010

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Definitions:

Adjustments

Entries made in accounting records to correct errors or allocate revenues and expenses to the appropriate accounting period.

Depreciation

The procedure of distributing the cost of a solid asset over the time it is considered useful.

Accrual Basis

A system in bookkeeping where earnings and expenses are documented at the point of transaction, not necessarily when cash exchanges hands.

Cash Basis

An accounting method that recognizes revenues and expenses only when cash is received or paid, as opposed to the accrual basis accounting.