The following data indicates the prize distribution for a small lottery of 500 tickets conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000 grand prize. The rest of the tickets do not win anything. a. What is the probability that a ticket is not a winning ticket? Round to three decimal places if necessary b. What is the expected winning in this situation?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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The following data indicates the prize distribution for a small lottery of 500 tickets
conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000
grand prize. The rest of the tickets do not win anything.
a. What is the probability that a ticket is not a winning ticket?
Round to three decimal places if necessary
b. What is the expected winning in this situation?
Transcribed Image Text:The following data indicates the prize distribution for a small lottery of 500 tickets conducted at a local hospital: 60 tickets have a $600 prize and 1 ticket has a $1,000 grand prize. The rest of the tickets do not win anything. a. What is the probability that a ticket is not a winning ticket? Round to three decimal places if necessary b. What is the expected winning in this situation?
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