MD has a new type of scratch-off ticket for $100 to win one of: 10 prizes of $700 3 runner-up prizes of $4,000 1 grand prize of $800,000 Once they’ve sold 2,000 tickets, they will select the winning tickets. What is the expected value?

MD has a new type of scratch-off ticket for $100 to win one of: 10 prizes of $700 3 runner-up prizes of $4,000 1 grand prize of $800,000 Once they’ve sold 2,000 tickets, they will select the winning tickets. What is the expected value?

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

MD has a new type of scratch-off ticket for $100 to win one of:

10 prizes of $700
3 runner-up prizes of $4,000
1 grand prize of $800,000

Once they’ve sold 2,000 tickets, they will select the winning tickets.

What is the expected value?

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