A lottery has a grand prize of $200,000, four runner-up prizes of $20,000 each, seven third-place prizes of $4000 each, and twelve consolation prizes of $1000each. If 600,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected netwinnings on a $1 ticket. (Round your answer to two decimal places.)tA

According to the given information:Total grand price for lottery(x1) = $200,000Total runner up price…

Answered: A lottery has a grand prize of…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Ten thousand raffle tickets are sold for $2 each. One first prize of $1400, 3 second prizes of $800 each, and 9 third prizes of $400 each are to be awarded, with all winners selected randomly. If you purchase one ticket, what are your expected winnings? Round your answer to the nearest cent.
find the probability of randomly selecting a student who spent the money, given that the student was given a $1 bill. purchased gum kept the money students given 4 quarters 25 11 students given $1 bill 15 34
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, three $200 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets. There is one $2,000 grand prize, two $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 700 tickets. There is one $3,000 grand prize, three $300 second prizes, and twelve $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
Solve the following:

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