A lottery has a grand prize of $260,000, three runner-up prizes of $32,500 each, eight third-place prizes of $5200 each, and twenty-four consolation prizes of $2600 each. If 1,300,000 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 return on a $1 ticket. (Round your answer to two decimal places.)

A lottery has a grand prize of $260,000, three runner-up prizes of $32,500 each, eight third-place prizes of $5200 each, and twenty-four consolation prizes of $2600 each. If 1,300,000 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 return on a $1 ticket. (Round your answer to two decimal places.)

Name: A lottery has a grand prize of $260,000, three runner-up prizes of $3
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Description: A lottery has a grand prize of $260,000, three runner-up prizes of $32,500 each, eight third-place prizes of $5200 each, and twenty-four consolation prizes of $2600 each. If 1,300,000 tickets are sold for $1 each and theprobability of any one 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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