A lottery has a grand prize of $380,000, five runner-up prizes of $38,000 each, eleven third-place prizes of $9500 each,
Posted: Wed May 11, 2022 5:08 pm
A lottery has a grand prize of $380,000, five runner-up prizes
of $38,000 each, eleven third-place prizes of $9500 each, and
fourteen consolation prizes of $950 each. If 1,140,000 tickets are
sold for $1 each and the probability of any one ticket winning is
the same as that of any other ticket winning, find the expected
return on a $1 ticket. (Round your answer to two decimal places.)
[Answer -0.40
of $38,000 each, eleven third-place prizes of $9500 each, and
fourteen consolation prizes of $950 each. If 1,140,000 tickets are
sold for $1 each and the probability of any one ticket winning is
the same as that of any other ticket winning, find the expected
return on a $1 ticket. (Round your answer to two decimal places.)
[Answer -0.40