In the Virginia Instant Lottery, There Are 10 Different $5

question 26

Multiple Choice

In the Virginia instant lottery, there are 10 different $5 Scratcher games. Your favorite, "Hit the Jackpot," is advertised to have a 1-in-4.37 chance of winning, and a 1-in-664,457 chance of hitting the top prize of $200,000. All of the seven top prizes are still available. If you buy five of these tickets and outcomes are independent, the probability that you win all five times is:

• A)6.27%.
• B)0.627%.
• C)0.0627%.
• D)0.0063%.

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Definitions:

Activity Base

A measure used for allocating fixed costs to products or services based on the amount of activity.

Service Departments

Units within an organization that provide support to the profit-making departments, rather than directly contributing to profits.

Profit Margin

represents the percentage of revenue that remains as profit after all operating expenses, taxes, and costs have been deducted from total sales.

Investment Turnover

A ratio that measures how effectively a company generates sales or revenue from its investment in assets.