SOLUTION: One state lottery has 1,100 prizes of $1, 105 prizes of $10, 25 prizes of $60, 5 prizes of $290, 2 prizes of $1,180, and 1 prize of $2,600. Assume that 26,000 lottery tickets are i

Question 1068560: One state lottery has 1,100 prizes of $1, 105 prizes of $10, 25 prizes of $60, 5 prizes of $290, 2 prizes of $1,180, and 1 prize of $2,600. Assume that 26,000 lottery tickets are issued and sold for $1.
What is the lottery's expected profit per ticket?
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Find the total profit,

Now divide by the total number of tickets,

61.3 cents per ticket
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