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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