16.Lottery Prizes In Exercise 15, find the expectation if a person buys two tickets. Assume that the player’s ticket is replaced after each draw and that the same ticket can win more than one prize.

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

the expression (1.26)2t reveals the approximate rate of increases in the number of plants semiannually.

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