Asked by Leter
lottery offers one $900 prize, two $700 prize, two $400 prize and five $200 prize. One thousand tickets are sold at $5. Find the expectation if a person buys two tickets
Answers
Answered by
Steve
each ticket has an expectation of
(900+2*700+2*400+5*200)/1000 = $4.10
(900+2*700+2*400+5*200)/1000 = $4.10
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