In a lottery, 3000 tickets are sold for $1 each. One first prize of $5000, 1 second prize of $1000, 3 third prizes of $100, and10 consolation prizes of $10 are to be awarded. What are the expected net earnings of a person who buys one ticket?

In a lottery, 3000 tickets are sold for $1 each. One first prize of $5000, 1 second prize of $1000, 3 third prizes of $100, and10 consolation prizes of $10 are to be awarded. What are the expected net earnings of a person who buys one ticket?

Name: In a lottery, 3000 tickets are sold for $1 each. One first prize of $5
Uploaded: 2024-03-20T07:06:41.000Z
Channel: Bartleby
Description: In a lottery, 3000 tickets are sold for $1 each. One first prize of $5000, 1 second prize of $1000, 3 third prizes of $100, and10 consolation prizes of $10 are to be awarded. What are the expected net earnings of a person who buys 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...

See similar textbooks

Similar questions

If the lottery costs $1 per ticket, what is the expected net cash if you buy one ticket? Please remember to factor in the cost of playing. Round to the nearest cent. Expected Net Cash = $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $2,000 grand prize, two $200 second prizes, and twelve $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, four $200 second prizes, and fifteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, three $200 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 800 tickets. There is one $2,000 grand prize, two $500 second prizes, and eleven $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and seventeen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. There is one $3,000 grand prize, three $300 second prizes, and sixteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $4
At bedtime, you read three books to your kids, Walker, Michael, and Luke. Together, they have 32 books. If you decide to randomly choose three books, what is the probability that the three you choose will consist of each of their favorite books? Assume they have different favorites. Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
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.
A magazine subscription service is having a contest in which the prize is 180000. If the company receives 3 million entries, which is the expection of the contest?
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 700 tickets. There is one $3,000 grand prize, three $300 second prizes, and twelve $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.