3. Suppose a lottery has sold 10 000 000 tickets at $5.00 each. The prizes are as follows: Number of Prizes 1 500 10 000 100 000 Prize $2 000 000 $1.000 $100 $5 Determine the expected value of each ticket.
3. Suppose a lottery has sold 10 000 000 tickets at $5.00 each. The prizes are as follows: Number of Prizes 1 500 10 000 100 000 Prize $2 000 000 $1.000 $100 $5 Determine the expected value of each ticket.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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![3. Suppose a lottery has sold 10 000 000 tickets
at $5.00 each. The prizes are as follows:
Number of Prizes
1
500
10 000
100 000
Prize
$2 000 000
$1.000
$100
$5
Determine the expected value of each ticket.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe504a2c-a20b-42ab-89e1-ffcd1d24ffca%2F5b0c4928-e34e-4753-a277-24e11bcab90d%2Fc6fwaan_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Suppose a lottery has sold 10 000 000 tickets
at $5.00 each. The prizes are as follows:
Number of Prizes
1
500
10 000
100 000
Prize
$2 000 000
$1.000
$100
$5
Determine the expected value of each ticket.
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