A company held a contest, and the following information was included in the fine print.$ WIN $ WIN$PROBABILITY OF WINNINGPRIZENUMBER OF PRIZESINDICATED PRIZEA130.000005В520.00002C5200.0002D28,9000.010886ΤΟΤAL29,4850.011111Read this information carefully, and calculate the expectation (to the nearest cent) for this contest. (Assume that Prize A is $90,000, Prize B is $2,000, Prize C is $500, and Prize D is $10.)$

Given the information about a contest as PRIZE NUMBER OF PRIZES PROBABILITY OF WINNING INDICATED…

A company held a contest, and the following information was included in the fine print. $ WIN$ WIN $ PROBABILITY OF WINNING PRIZE NUMBER OF PRIZES INDICATED PRIZE A 13 0.000005 52 0.00002 520 0.0002 D 28,900 0.010886 TOTAL 29,485 0.011111 Read this information carefully, and calculate the expectation (to the nearest cent) for this contest. (Assume that Prize A is $90,000, Prize B is $2,000, Prize C is $500, and Prize D is $10.)

A company held a contest, and the following information was included in the fine print. $ WIN$ WIN $ PROBABILITY OF WINNING PRIZE NUMBER OF PRIZES INDICATED PRIZE A 13 0.000005 52 0.00002 520 0.0002 D 28,900 0.010886 TOTAL 29,485 0.011111 Read this information carefully, and calculate the expectation (to the nearest cent) for this contest. (Assume that Prize A is $90,000, Prize B is $2,000, Prize C is $500, and Prize D is $10.)

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

A company held a contest, and the following information was included in the fine print.
$ WIN $ WIN$
PROBABILITY OF WINNING
PRIZE
NUMBER OF PRIZES
INDICATED PRIZE
A
13
0.000005
В
52
0.00002
C
520
0.0002
D
28,900
0.010886
ΤΟΤAL
29,485
0.011111
Read this information carefully, and calculate the expectation (to the nearest cent) for this contest. (Assume that Prize A is $90,000, Prize B is $2,000, Prize C is $500, and Prize D is $10.)
$

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