200,000 lottery tickets are sold for $3 each. There is one jackpot prize of $50,000, 25 second prizes of $2000, and 100 third prizes of $40. Find the expected value of your profit when you buy a ticket. Round your answer to the nearest cent. $1

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section: Chapter Questions
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200,000 lottery tickets are sold for $3 each. There is one jackpot prize of $50,000, 25 second prizes of
$2000, and 100 third prizes of $40.
Find the expected value of your profit when you buy a ticket.
Round your answer to the nearest cent.
Transcribed Image Text:200,000 lottery tickets are sold for $3 each. There is one jackpot prize of $50,000, 25 second prizes of $2000, and 100 third prizes of $40. Find the expected value of your profit when you buy a ticket. Round your answer to the nearest cent.
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