SOLUTION: as a new years gift one state mailed residents coupons for one free lottery ticket. to win, you must correctly guess all five numbers from a pool of 20 numbers. suppose the payoff

Algebra ->  Average -> SOLUTION: as a new years gift one state mailed residents coupons for one free lottery ticket. to win, you must correctly guess all five numbers from a pool of 20 numbers. suppose the payoff       Log On


   

Question 1118129: as a new years gift one state mailed residents coupons for one free lottery ticket. to win, you must correctly guess all five numbers from a pool of 20 numbers. suppose the payoff is $5,000,000. what is the expected value of a free lottery ticket?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
probability is (5/20)(4/19)(3/18)(2/17)(1/16)=0.000064
Expected value is p*value=$322.50