SOLUTION: A lottery offers one $800 prize, two $500 prizes, two $400 prizes, and four $100 prizes. One thousand tickets are sold at each. Find the expectation if a person buys five ticke

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Question 1204683: A lottery offers one $800 prize, two $500 prizes, two $400 prizes,
and four $100 prizes. One thousand tickets are sold at each. Find
the expectation if a person buys five tickets. Assume that the
player's ticket is replaced after each draw and that the same
ticket can win more than one prize. Round to two decimal places
for currency problems.
Found 3 solutions by ikleyn, greenestamps, Edwin McCravy:
Answer by ikleyn(52754)   (Show Source): You can put this solution on YOUR website!
.

When you write "One thousand tickets are sold at each", it is INCORRECT.

This thought is NEVER expressed this way.


Probably, you wanted to say "One thousand tickets are sold, in .


Why at this forum half of the posts come in wrong formulation ?


//////////////////////////////


When you say and write in your post

        " Assume that the player's ticket can win more than one prize ",

you make a  FATAL  ERROR.   In lottery,  no one ticket can win more than one prize,

and even to assume something different/opposite is the same as if you shot in your own head
from your own gun eight times in a row.


It is nonsense to the very bottom   (if there is a bottom,  at all,  in this ocean of nonsense).


It is good to publish in newspaper of laughter and to sell on streets for money.


Please,  never compose  Math problems,  since you can not do it properly.



Answer by greenestamps(13195)   (Show Source): You can put this solution on YOUR website!


Type your whole post using your keyboard. When you try copy-and-paste, numbers (and sometimes other things) can get lost.

As you post it, your question does not show how much each ticket is sold for....

Re-post
Answer by Edwin McCravy(20054)   (Show Source): You can put this solution on YOUR website!
With "at each" deleted.
A lottery offers one $800 prize, two $500 prizes, two $400 prizes, and four $100
prizes. One thousand tickets are sold at each. Find the expectation if a person buys
five tickets. Assume that the player's ticket is replaced after each draw and
that the same ticket can win more than one prize. Round to two decimal places
for currency problems.
P(winning) = 5 winning tickets out of 1000 tickets = 5/1000 = 0.005 

    Winning  P(winning)  Winning x P(winning)
      $800     0.005           $4.00
      $500     0.005           $2.50      
      $500     0.005           $2.50
      $400     0.005           $2.00
      $400     0.005           $2.00
      $100     0.005           $0.50 
      $100     0.005           $0.50
      $100     0.005           $0.50
      $100     0.005           $0.50
------------------------------------
Total expectation of payout = $15.00

Edwin
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