A lottery has a grand prize of $40,000, two runner-up prices of $5,000 each, ten third-place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 tickets aresold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected net winnings on a $1 ticket. (Round your answer to twodecimal places)5047X

Given problem Given that A lottery has a grand prize of $40,000 Two runner-up prizes of $5,000…

Answered: A lottery has a grand prize of $40,000,…

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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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $2,000 grand prize, three $400 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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