A lotter has a grand prize of $6,000,000, 4 runner up prizes of $388,000 each, 8 third-place prizes of $10,000 each, and 14 consolation prizes of $200 each. If 19 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket.

Advanced Engineering Mathematics
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ISBN:9780470458365
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QUESTION 7
A lotter has a grand prize of $6,000,000, 4 runner up prizes of $388,000 each, 8 third-place prizes of $10,000 each, and 14 consolation prizes of $200 each. If 19 million
tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket.
Transcribed Image Text:QUESTION 7 A lotter has a grand prize of $6,000,000, 4 runner up prizes of $388,000 each, 8 third-place prizes of $10,000 each, and 14 consolation prizes of $200 each. If 19 million tickets are sold for $1 each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a $1 ticket.
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