MD has a new type of scratch-off ticket for $100 to win one of: 8 prizes of $800 4 runner-up prizes of $2,000 1 grand prize of $800,000 Once they’ve sold 9,000 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: 8 prizes of $800 4 runner-up prizes of $2,000 1 grand prize of $800,000 Once they’ve sold 9,000 tickets, they will select the winning tickets. What is the expected value?

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section: Chapter Questions

Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...

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Question

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

8 prizes of $800
4 runner-up prizes of $2,000
1 grand prize of $800,000

Once they’ve sold 9,000 tickets, they will select the winning tickets.

What is the expected value?

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