A lotter has a grand prize of $9,000,000, 4 runner up prizes of $578,000 each, 10 third-place prizes of $61,000 each, an
Posted: Tue May 10, 2022 4:32 pm
A lotter has a grand prize of $9,000,000, 4 runner up prizes of
$578,000 each, 10 third-place prizes of $61,000 each, and 18
consolation prizes of $800 each. If 35 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.
$578,000 each, 10 third-place prizes of $61,000 each, and 18
consolation prizes of $800 each. If 35 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.