Fifteen thousand raffle tickets are sold. One first prize of $2000​, two second prizes of $500​, and three third prizes of $200 each will be​ awarded, with all winners selected randomly. If you purchased one​ ticket, what are your expected gross​ winnings?   The expected gross winnings are ? cents. (Round your answer to the nearest whole cent)

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...
icon
Related questions
Topic Video
Question
Fifteen thousand raffle tickets are sold. One first prize of $2000​, two second prizes of $500​, and three third prizes of $200 each will be​ awarded, with all winners selected randomly. If you purchased one​ ticket, what are your expected gross​ winnings?
 
The expected gross winnings are ? cents.
(Round your answer to the nearest whole cent)
Expert Solution
Step 1

Probability homework question answer, step 1, image 1

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Discrete Probability Distributions
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, probability and related others by exploring similar questions and additional content below.
Recommended textbooks for you
A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability
A First Course in Probability
Probability
ISBN:
9780321794772
Author:
Sheldon Ross
Publisher:
PEARSON