Lottery Prizes A lottery offers one $900 prize, one $700 Prize, three $300 prizes, and five $200 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys two tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems. The expectation if a person buys two tickets is dollar(s).

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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Lottery Prizes A lottery offers one $900 prize, one $700 Prize, three $300 prizes, and five $200 prizes. One thousand tickets are
sold at $7 each. Find the expectation if a person buys two tickets. Assume that the player's ticket is replaced after each draw and
that the same ticket can win more than one prize. Round to two decimal places for currency problems.
The expectation if a person buys two tickets is
dollar(s).
Transcribed Image Text:Lottery Prizes A lottery offers one $900 prize, one $700 Prize, three $300 prizes, and five $200 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys two tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems. The expectation if a person buys two tickets is dollar(s).
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