MD has a new type of scratch-off ticket for $19 to win one of: 11 prizes of $19 9 small prizes of $28 3 large prizes of $500 1 grand prize of $50,000 Once they’ve sold 7,000 tickets, they will select the winning tickets. What is the expected value?

MD has a new type of scratch-off ticket for $19 to win one of: 11 prizes of $19 9 small prizes of $28 3 large prizes of $500 1 grand prize of $50,000 Once they’ve sold 7,000 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

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MD has a new type of scratch-off ticket for $19 to win one of:

11 prizes of $19
9 small prizes of $28
3 large prizes of $500
1 grand prize of $50,000

Once they’ve sold 7,000 tickets, they will select the winning tickets.

What is the expected value?

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Expert Solution

Step 1

Given:
MD has spent =$19 (scratch-off ticket)

He can win one of the below

11 prizes of $19

9 small prizes of $28

3 large prizes of $500

1 grand prize of $50,000

=> number of tickets sold is =7000

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