A sweepstakes posted the probabilities of winning each prize and the prize amounts as shown in...
A sweepstakes posted the probabilities of winning each prize and
the prize amounts as shown in the chart to the right. Suppose that
one sweepstakes entry costs $1. Find the expected value of the
winnings for any individual entry. Then state how much you can
expect to win or lose if you spend $165 in entries.
Prize $2,000,000 / Probability 1 in 60,000,001
Prize $200,000 / Probability 1 in 30,000,001
Prize $2000 / Probability 1 in 15,000,001
A. The expected value of the winnings for any individual entry
is $___.
B. If you Spend $165 in entries, you can expect to (win/lose)
$____
Homework Answers
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