Explain the equivalent lottery method

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Question: Assess your probability that the following outcomes will occur. Use the equivalent lottery method as discussed in the chapter. If possible, use a wheel of fortune with an adjustable win area, or a computer program that simulates such a wheel. What issues did you account for in making each assessment?

a. It will rain tomorrow in New York City.

b. You will have been offered a job before you graduate.

c. The women's track team at your college will win the NCAA championship this year.

d. The price of crude oil will be more than $200 per barrel on January 1, 2030.

e. The Dow Jones industrial average will go up tomorrow.

f. Any other uncertain outcome that interests you.

Reference no: EM131524031


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