exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded. What are the expected net earnings of a person who buys one ticket?

A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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5. exPecteD vaLUe of a Lottery ticket In a lottery, 5000 tickets are sold for $1 each. One first prize of $2000, 1 second prize of $500, 3 third prizes of $100, and 10
consolation prizes of $25 are to be awarded. What are the
expected net earnings of a person who buys one ticket?

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