A state fair sells 500 lottery tickets for $5 each. Twenty people will win $25, five people will win $100, and one person will win $500. What is the expected value of a ticket? Show your work clearly.

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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A state fair sells 500 lottery tickets for $5 each. Twenty people will win
$25, five people will win $100, and one person will win $500.
What is the expected value of a ticket? Show your work clearly.
Transcribed Image Text:A state fair sells 500 lottery tickets for $5 each. Twenty people will win $25, five people will win $100, and one person will win $500. What is the expected value of a ticket? Show your work clearly.
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