SOLUTION: Suppose 5000 tickets are sold in a lottery. There are three prizes: The first is $1000, the second is $500, and the third is $100. What is the mathematical expectation of winning?
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Question 1158318: Suppose 5000 tickets are sold in a lottery. There are three prizes: The first is $1000, the second is $500, and the third is $100. What is the mathematical expectation of winning?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
E(X)=1000*1/5000+500(1/5000)+100(1/5000)=$0.32
Does not take in the cost of the ticket, which is unknown.
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