A lottery has a grand prize of $1,000,000, 4 runner-up prizes of $50,000 each, 14 third-place prizes of $5,000 each, and 28 consolation prizes of $1,000 each. If a 13 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket
A lottery has a grand prize of $1,000,000, 4 runner-up prizes of $50,000 each, 14 third-place prizes of $5,000 each, and 28 consolation prizes of $1,000 each. If a 13 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.CR: Chapter 12 Review
Problem 7CR
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A lottery has a grand prize of $1,000,000, 4 runner-up prizes of $50,000 each, 14 third-place prizes of $5,000 each, and 28 consolation prizes of $1,000 each. If a 13 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket. |
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