A lottery has a grand prize of $3,000,000, 3 runner up prizes of $371,000 each, 10 third-place prizes of $68,000 each, a
Posted: Tue May 10, 2022 3:50 pm
A lottery has a grand prize of $3,000,000, 3 runner up prizes of
$371,000 each, 10 third-place prizes of $68,000 each, and 12
consolation prizes of $800 each. If 39 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.
$371,000 each, 10 third-place prizes of $68,000 each, and 12
consolation prizes of $800 each. If 39 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.