Question

A contest at a fast-food restaurant offered the following cash prizes and probabilities of winning on one visit when a customer buys an order of French fries $100,000 for $1.31. Find the expected winnings if the player buys 10 orders of French fries s50.000 in multiple visits Probability 1/8,504,860 1/302,500 1/282,735 1/153,560 1/104,560 1/9,540 Prize $10,000 $1,000 $100 $25 What are the expected winnings if the player buys 10 orders of French fries on multiple visits? Round the fingimnswer to the nearest cent as neded Round allintermediate values to the nearest cent as neded)

Answer 1

Answer:

$2.23

Workings:

Prize Probability (P) E*P 0.0000001176 $0.012 $100,000 1/8504860 $50,000 1/302500- $10,000 1/282735 $1,000 1/153560 - 0.0000035369 $0.035 0.0000065121 $0.007 0.0000095639 $0.001 $25 1/9540 0.0001048218 $0.003 Expected winnings per order of French fries 0.223 $100 1/104560 -

Expected winning from 10 orders on multiple visits = $0.223 * 10 = $2.23