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 $550,000 1 chance in 150,000,000 $25,000 1 chance in 30,000,000 $5,000 1 chance in 4,000,000 $300 1 chance in 900,000 A watch valued at $70 1 chance in 7,000 (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)
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 $550,000 1 chance in 150,000,000 $25,000 1 chance in 30,000,000 $5,000 1 chance in 4,000,000 $300 1 chance in 900,000 A watch valued at $70 1 chance in 7,000 (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)
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
Problem 35T
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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 |
| $550,000 | 1 chance in 150,000,000 |
| $25,000 | 1 chance in 30,000,000 |
| $5,000 | 1 chance in 4,000,000 |
| $300 | 1 chance in 900,000 |
| A watch valued at $70 | 1 chance in 7,000 |
(a) Find the
(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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