George Buys Six Lottery Tickets for $2 Each

question 39

Essay

George buys six lottery tickets for $2 each.In addition to the grand prize,there is a 20% chance that each lottery ticket gives a prize of $4.Assume that these tickets are not grand prize winners.
a.What is the probability that the tickets pay out more than George spent on them?
b.What is the probability that none of the tickets are winners?
c.What is the probability that at least one of the tickets is a winner?

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Definitions:

Conflict

A situation where the needs, interests, or goals of individuals or groups interfere with one another.

Procedural Interests

Concerns of negotiating parties related to the process of how decisions are made, as opposed to the actual outcomes of those decisions.

Equitable

Characterized by fairness and impartiality, ensuring that an agreement or decision is just and reasonable for all parties involved.

Implementable

Capable of being put into effect or action; feasible.