A lottery has a grand prize of $400,000, five runner-up prizes of $40,000 each, ten third-place prizes of $20000 each, and twelve consolation prizes of $800 each. If 2,000,000 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.)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A lottery has a grand prize of $400,000, five runner-up prizes of $40,000 each, ten third-place prizes of $20000 each, and twelve consolation prizes of $800 each. If 2,000,000 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.)
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