Prize Chances $25,000,000 1 chance in 200,000,000 $150,000 1 chance in 150,000,000 $75,000 1 chance in 80,000,000 1 chance in 2,000,000 1 chance in 900,000 $10,000 $800 A watch valued at $60 1 chance in 5,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)
Prize Chances $25,000,000 1 chance in 200,000,000 $150,000 1 chance in 150,000,000 $75,000 1 chance in 80,000,000 1 chance in 2,000,000 1 chance in 900,000 $10,000 $800 A watch valued at $60 1 chance in 5,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)
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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![Prizes and the chances of winning in a sweepstakes are given in the table below.
Prize
Chances
$25,000,000
1 chance in 200,000,000
$150,000
1 chance in 150,000,000
$75,000
1 chance in 80,000,000
$10,000
1 chance in 2,000,000
$800
1 chance in 900,000
A watch valued at $60
1 chance in 5,000
(a) Find the expected value (in dollars) of the amount won by one entry.
(b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe28104ce-de99-450a-a1b7-64972e30f7c2%2Fe00b0a6d-1e29-4f4a-ab03-46c11c558dea%2F7dvkw36_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prizes and the chances of winning in a sweepstakes are given in the table below.
Prize
Chances
$25,000,000
1 chance in 200,000,000
$150,000
1 chance in 150,000,000
$75,000
1 chance in 80,000,000
$10,000
1 chance in 2,000,000
$800
1 chance in 900,000
A watch valued at $60
1 chance in 5,000
(a) Find the expected value (in dollars) of the amount won by one entry.
(b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)
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