What happened to the 4 of 100 each?
what is (10) (10,5000)
maybe (10) (10/5000)
I only need my answer to be checked.
In a lottery, 5,000 tickets are sold for $1. One first place prize of $1,000, 1 second prize of $500, 4 third prizes of $100 and 10 consolation prizes of $10. What is the expected net earnings of a person who buys a ticket?
(1000) (1/5000) + (500) (1/5000) + (10) (10,5000)
= .2+.1+.02=.32
Sold for $1: 1- .32 =.68
3 answers
by the way, my expected earnings are negative :)
anyway they give out
1000 + 500 + 400 + 100 = 2000
so per ticket that is 2000/5000 = 0.40
or 40 cents each
expect to lose 60 cents of your dollar
total expected earnings for the sponsor = 5000-2000 = 3000
so the sponsor makes that 60 cents per dollar
1000 + 500 + 400 + 100 = 2000
so per ticket that is 2000/5000 = 0.40
or 40 cents each
expect to lose 60 cents of your dollar
total expected earnings for the sponsor = 5000-2000 = 3000
so the sponsor makes that 60 cents per dollar
1 answer