A lottery has a grand prize of $1,000,000, 4 runner-up prizes of $50,000 each, 14 third-place prizes of $5,000 each, and 28 consolation prizes of $1,000 each. If a 13 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

A lottery has a grand prize of $1,000,000, 4 runner-up prizes of $50,000 each, 14 third-place prizes of $5,000 each, and 28 consolation prizes of $1,000 each. If a 13 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

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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