document.write( "Question 1068562: 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.
\n" ); document.write( "What is the lottery's expected profit per ticket? Four Decimal Points \n" ); document.write( "

Algebra.Com's Answer #683791 by stanbon(75887) $\"\"$ $\"About$

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One state lottery has 1,100 prizes of $1 , 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.
\n" ); document.write( "What is the lottery's expected profit per ticket? Four Decimal Points
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\n" ); document.write( "Random \"winnings\":: 1; 10 ; 60 ; 290 ; 1180 ; 2600 ; -1
\n" ); document.write( "Probs : 1100/26000.1105/26000.25/26000.5/26000.2/26000.1/26000. 24900/26000
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\n" ); document.write( "E(x) = [1100*1 + 1105*10 + 25*60 + 5*290 + 2*1180 + 1*2600 +(24900*(-1))]/26000
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\n" ); document.write( "= [1100 + 11050 + 1500 + 1450 + 2360 + 2600 - 24900]/26000
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\n" ); document.write( "= -4840/26000
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\n" ); document.write( "= -18.6 cents (Each ticket purchaser can expect to lose 18.6
\n" ); document.write( "cents for each ticket bought)
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\n" ); document.write( "Ans:: Expected lottery profit is 18.6 cents per ticket sold.
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H.
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\n" ); document.write( "Answer:: \n" ); document.write( "

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