SOLUTION: Krinkles potato chips is having a "Lucky Seven Sweepstakes." The one grand prize is $85,000; 7 second prizes each pay $8,500; 77 third prizes each pay $850; and 777 fourth prizes e
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Question 1200524: Krinkles potato chips is having a "Lucky Seven Sweepstakes." The one grand prize is $85,000; 7 second prizes each pay $8,500; 77 third prizes each pay $850; and 777 fourth prizes each pay $85. What is the expectation of this contest, if there are 8 million entries? (Round your answer to the nearest cent.)
Found 2 solutions by Solver92311, ikleyn:
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!
Numerator of your fraction: \ +\ (77\ *\ 850)\ +\ (777\ *\ 85))
Denominator of your fraction: 
Evaluate your fraction
John
My calculator said it, I believe it, that settles it
From
I > Ø
Answer by ikleyn(52780) (Show Source): You can put this solution on YOUR website!
.
In this problem, the "expectation" is the total sum of all prizes
smeared evenly/uniformly over all 8 millions of entries.
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