The following data indicates the prize distribution for a small lottery of 500 tickets conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000 grand prize. The rest of the tickets do not win anything. a. What is the probability that a ticket is not a winning ticket? Round to three decimal places if necessary b. What is the expected winning in this situation?

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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The following data indicates the prize distribution for a small lottery of 500 tickets
conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000
grand prize. The rest of the tickets do not win anything.
a. What is the probability that a ticket is not a winning ticket?
Round to three decimal places if necessary
b. What is the expected winning in this situation?
Transcribed Image Text:The following data indicates the prize distribution for a small lottery of 500 tickets conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000 grand prize. The rest of the tickets do not win anything. a. What is the probability that a ticket is not a winning ticket? Round to three decimal places if necessary b. What is the expected winning in this situation?
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