MD has a new type of scratch-off ticket for $100 to win one of: 10 prizes of $700 3 runner-up prizes of $4,000 1 grand prize of $800,000 Once they’ve sold 2,000 tickets, they will select the winning tickets.  What is the expected value?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.8: Probability
Problem 68E
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MD has a new type of scratch-off ticket for $100 to win one of:

  • 10 prizes of $700
  • 3 runner-up prizes of $4,000
  • 1 grand prize of $800,000

Once they’ve sold 2,000 tickets, they will select the winning tickets. 

What is the expected value

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