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?
            
        ticket is to be $500, what are your expected winnings?
Answers
                    Answered by
            Reiny
            
    prob of winning = 1/3000
so expected winning = $500(1/3000)
= $.17
    
so expected winning = $500(1/3000)
= $.17
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