Answered: In a lottery where 50,000 tickets are…

In a lottery where 50,000 tickets are sold (of which only one is winning) at $5 each, find the expected gain of a person who purchased a ticket in the hope of

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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Question

In a lottery where 50,000 tickets are sold (of which only one
is winning) at $5 each, find the expected gain of a
person who purchased a ticket in the hope of winning the prize
of $100,000.

Expert Solution

Step 1: Given

In this case, there is a 1 in 50,000 chance of winning the $100,000 prize. So, the probability of winning (P) is 1/50,000.

The ticket costs $5.

Step by step

Solved in 3 steps

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