A lottery has a grand prize of $140,000, five runner-up prizes of $28,000 each, twelve third-place prizes of $7000 each, and twenty-five consolation prizes of $350 each. If 700,000 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 $140,000, five runner-up prizes of $28,000 each, twelve third-place prizes of $7000 each, and twenty-five consolation prizes of $350 each. If 700,000 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 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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