rizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $15,000,000 1 chance in 300,000,000 $550,000 1 chance in 100,000,000 $75,000 1 chance in 40,000,000 $5,000 1 chance in 5,000,000 $400 1 chance in 400,000 A watch valued at $60 1 chance in 6,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)

rizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $15,000,000 1 chance in 300,000,000 $550,000 1 chance in 100,000,000 $75,000 1 chance in 40,000,000 $5,000 1 chance in 5,000,000 $400 1 chance in 400,000 A watch valued at $60 1 chance in 6,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.8: Probability

Problem 55E

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