A lottery has a grand prize of $200,000, three runner-up prizes of $40,000 each, six third-place...
A lottery has a grand prize of $200,000, three runner-up prizes of $40,000 each, six third-place prizes of $5000 each, and nineteen consolation prizes of $1000 each. If 600,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
Homework Answers
from above
expected return on a $1 ticket =expected winning prize-cost of ticket
=(200000+3*40000+6*5000+19*1000)/600000-1
=$ -0.39
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please help me and explain how you got the answer 6. 0/1 points Previous Answers 2/6...
please help me and explain how you got the answer
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homework help please
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please help me and explain how you got the answer
6. 0/1 points Previous Answers 2/6 Submissions Used My Notes A lottery has a grand prize of $250,000, four runner-up prizes of $35,000 each, eight third place prizes of $7000 each, and ten consolation prices of $2800 each. If 540,000 tickets are sold for slech and the probability of any one ticket winning is the same as that of any other winning in the expected wings on a sitet(Round your...
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homework help please
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