Question
I know I posted this yesterday but I wanted to check if my answer to part b is correct.
In a lottery, 5000 tickets are sold for $1 each.... one 1st prize of $2000, 1 2nd prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded.
(1/5000)*(2000)+(1/5000)*(500)+(3/5000)*(100)+(10/5000)*(25) = .61
In a lottery, 5000 tickets are sold for $1 each.... one 1st prize of $2000, 1 2nd prize of $500, 3 third prizes of $100, and 10 consolation prizes of $25 are to be awarded.
(1/5000)*(2000)+(1/5000)*(500)+(3/5000)*(100)+(10/5000)*(25) = .61
Answers
bobpursley
Correct method.