Ask a New Question

Asked by Anonymous

Suppose you buy 1 ticket for $1 out of a lottery of 3000 tickets. If the prize for the one winning
ticket is to be $500, what are your expected winnings?
15 years ago

Answers

Answered by Reiny
prob of winning = 1/3000
so expected winning = $500(1/3000)
= $.17
15 years ago

Related Questions

Suppose you buy 1 ticket for $1 out of a lottery of 1,000 tickets where the price for the one winnin... If ticket prices and ticket sales have both been increasing steadily from 1998-2008. What would the... 1)Suppose you buy 1 ticket for $1 out of a lottery of 3000 tickets. If the prize for the one winning... If you buy one ticket in the Provincial Lottery, then the probability you will win a prize is 0.11 w... For $5 you can buy a ticket for a drawing for a prize of $2,000. The probability of winning the priz... suppose you buy a ticket for a raffle. the ticket's price is 5$ and the price tis worth 200. If 100... Suppose you buy a ticket for a raffle. The ticket price is $5 and the price is worth $200. If 100 ti...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use