Instruction 4-7
a Lottery Will Have the Following Payoffs Possible

question 55

Short Answer

Instruction 4-7
A lottery will have the following payoffs possible with their associated probabilities.
$$\begin{array} { r c } { \text { Payoff } } & \text { Probability } \\\hline\$ 200 & 0.0500 \\\$ 25.00 & 0.0100 \\\$ 100.00 & 0.0050 \\\$ 500.00 & 0.0010 \\\$ 5,000.00 & 0.0005 \\\$ 10,000.00 & 0.0001\end{array}$$ You buy a single ticket.
-Referring to Instruction 4-7,the probability that you win any money is ________.

---

Definitions:

Comprehension

The ability to understand and grasp the meaning of something.

Previewing

A reading strategy that involves quickly reviewing a text to get an overview of its content before detailed reading.

Outline

A general description or plan showing the essential features of something but not the detail.

Skimming

The act of reading or glancing through text quickly to grasp the main points or ideas.