A lottery has a grand prize of $120,000, two runner-up prizes of $15,000 each, four third-place...
A lottery has a grand prize of $120,000, two runner-up prizes of $15,000 each, four third-place prizes of $6000 each, and eight consolation prizes of $1200 each. If 480,000 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 net winnings on a $1 ticket. (Round your answer to two decimal places.)
Homework Answers
expected net winnings on a $1 ticket =expected value of win-cost of ticket
=(1/480000)*(120000+15000*2+6000*4+8*1200)-1
= -0.62
(please try 0.38 if this comes wrong and reply)
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