A lottery has a grand prize of $5,000,000, three runner-up prizes of $360,000 each, eleven third-place prizes of $56,000
Posted: Thu May 12, 2022 6:38 am
A lottery has a grand prize of $5,000,000, three runner-up prizes of $360,000 each, eleven third-place prizes of $56,000 each, and fiftheen consolation prizes of $600 each. If 34,000,000 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