SOLUTION: Fifteen thousand raffle tickets are sold. One first prize of ​$1000​,two second prizes of ​$750​,and three third prizes of ​$100each will be​ awarded, with all winners

Algebra ->  Probability-and-statistics -> SOLUTION: Fifteen thousand raffle tickets are sold. One first prize of ​$1000​,two second prizes of ​$750​,and three third prizes of ​$100each will be​ awarded, with all winners       Log On


   

Question 1164254: Fifteen thousand raffle tickets are sold. One first prize of ​$1000​,two second prizes of ​$750​,and three third prizes of ​$100each will be​ awarded, with all winners selected randomly. If you purchased one​ ticket, what are your expected gross​ winnings?
Answer by ikleyn(53763) About Me  (Show Source):
You can put this solution on YOUR website!
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    Your expected gross​ winnings = 1000%2F15000+%2B+%282%2A750%29%2F15000+%2B+%283%2A100%29%2F15000 = 0.1866 dollars = 0.19 dollars (rounded to the nearest cent).    ANSWER

Solved.