Question

A lottery has a grand prize of $180,000, two runner-up prizes of $22,500 each, eleven third-place prizes of $3600 each, and fourteen consolation prizes of $450 each. If 720,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)

Answer 1

(1/720,000)*180,000 + (2/720,000)*22,500 +(11/720,000)*3600 + (14/720,000)*450 = $ 0.38

Answer 2

this is wrong, remove it.