A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a one dollar ticket

A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning is the same as that of any other winning, find the expected return on a one dollar ticket

Name: A lottery has a grand prize of $1 million, 4 runner up prizes of $50,0
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Description: A lottery has a grand prize of $1 million, 4 runner up prizes of $50,000 each, 14 3rd place prizes of $5000 each, and 28 consolation prices of $1000 each. If 13 million tickets are sold for one dollar each, and the probability of any ticket winning i

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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