Date | May 2021 | Marks available | 2 | Reference code | 21M.2.SL.TZ2.9 |
Level | Standard Level | Paper | Paper 2 | Time zone | Time zone 2 |
Command term | Find | Question number | 9 | Adapted from | N/A |
Question
All answers in this question should be given to four significant figures.
In a local weekly lottery, tickets cost $2 each.
In the first week of the lottery, a player will receive $D for each ticket, with the probability distribution shown in the following table. For example, the probability of a player receiving $10 is 0.03. The grand prize in the first week of the lottery is $1000.
If nobody wins the grand prize in the first week, the probabilities will remain the same, but the value of the grand prize will be $2000 in the second week, and the value of the grand prize will continue to double each week until it is won. All other prize amounts will remain the same.
Find the value of c.
Determine whether this lottery is a fair game in the first week. Justify your answer.
Given that the grand prize is not won and the grand prize continues to double, write an expression in terms of n for the value of the grand prize in the nth week of the lottery.
The wth week is the first week in which the player is expected to make a profit. Ryan knows that if he buys a lottery ticket in the wth week, his expected profit is $p.
Find the value of p.
Markscheme
considering that sum of probabilities is 1 (M1)
0.85+c+0.03+0.002+0.0001=1
0.1179 A1
[2 marks]
valid attempt to find E(D) (M1)
E(D)=(0×0.85)+(2×0.1179)+(10×0.03)+(50×0.002)+(1000×0.0001)
E(D)=0.7358 A1
No, not a fair game A1
for a fair game, E(D) would be $2 OR players expected winnings are 1.264 R1
[4 marks]
recognition of GP with r=2 (M1)
1000×2n-1 OR 500(2n) A1
[2 marks]
recognizing E(D)>2 (M1)
correct expression for wth week (or nth week) (A1)
(0×0.85)+(2×0.1179)+(10×0.03)+(50×0.002)+(1000×2w-1×0.0001)
correct inequality (accept equation) (A1)
0.6358+(1000×2w-1×0.0001)>2 OR 2n-1>13.642
EITHER
n-1>3.76998 OR w=4.76998… (A1)
OR
E(D)=1.4358 in week 4 or E(D)=2.2358 in week 5 (A1)
THEN
w=5 A1
expected profit per ticket =their E(D)-2 (M1)
=0.2358 A1
[7 marks]