A lottery has a grand prize of $40,000, two runner-up prizes of $5,000 each, ten third place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected net winnings on a $1 ticket. (Round your answer to two decimal places) $0.47 X

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
icon
Related questions
Question
A lottery has a grand prize of $40,000, two runner-up prices of $5,000 each, ten third-place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 tickets are
sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected net winnings on a $1 ticket. (Round your answer to two
decimal places)
5047
X
Transcribed Image Text:A lottery has a grand prize of $40,000, two runner-up prices of $5,000 each, ten third-place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected net winnings on a $1 ticket. (Round your answer to two decimal places) 5047 X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL