Question

The table shows the prizes and probabilities of winning (on a single $1 ticket) for a particular state lottery. Find the expected value of the winnings for a single lottery ticket.

5 millon(jackpot) 1 in $76,275,360
150,000 1 in 2,179,296
5000 1 in 339,002
150 1 in 9686
100 1 in 7705
5 1 in 220
2 1 in 102
1 1 in 62

Answer 1

(1/76,275,360)(5,000,000) + 150,000(1/2,179,296) + (1/339,002)(5000) + ... + (1/62)(1)
= ...