recent lottery collected $66 227 391 selling tickets at $1.50 each. The prizes were as follows: a. What is the probability of winning a prize in this lottery? b. What is the expected profit per ticket?

A First Course in Probability (10th Edition)
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ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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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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A recent lottery collected $66 227 391 selling tickets at $1.50 each. The prizes were as follows:

a. What is the probability of winning a prize in this lottery?

b. What is the expected profit per ticket?

Prize ($)
Number of Prizes.
24 000 000
1
100 000
14
1 000
500
100
25 000
25
100 000
10
500 000
Transcribed Image Text:Prize ($) Number of Prizes. 24 000 000 1 100 000 14 1 000 500 100 25 000 25 100 000 10 500 000
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