SOLUTION: A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven third-place prizes of $7000 each, and twenty-three consolation prizes of $700 each. If 1,400,

Question 1204190: A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven third-place prizes of $7000 each, and twenty-three consolation prizes of $700 each. If 1,400,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)

Answer by ikleyn(52802) (Show Source): You can put this solution on YOUR website!
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    the expected return on a $1 ticket is   =  = 0.3665 dollars per each $1 ticket.    ANSWER

Solved.

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