SOLUTION: Krinkles potato chips is having a "Lucky Seven Sweepstakes." The one grand prize is $85,000; 7 second prizes each pay $8,500; 77 third prizes each pay $850; and 777 fourth prizes e

Algebra ->  Probability-and-statistics -> SOLUTION: Krinkles potato chips is having a "Lucky Seven Sweepstakes." The one grand prize is $85,000; 7 second prizes each pay $8,500; 77 third prizes each pay $850; and 777 fourth prizes e      Log On


   

Question 1200524: Krinkles potato chips is having a "Lucky Seven Sweepstakes." The one grand prize is $85,000; 7 second prizes each pay $8,500; 77 third prizes each pay $850; and 777 fourth prizes each pay $85. What is the expectation of this contest, if there are 8 million entries? (Round your answer to the nearest cent.)
Found 2 solutions by Solver92311, ikleyn:
Answer by Solver92311(821) About Me  (Show Source):
You can put this solution on YOUR website!


Numerator of your fraction:

Denominator of your fraction:

Evaluate your fraction

John

My calculator said it, I believe it, that settles it

From
I > Ø

Answer by ikleyn(52777) About Me  (Show Source):
You can put this solution on YOUR website!
.

In this problem, the "expectation" is the total sum of all prizes
smeared evenly/uniformly over all 8 millions of entries.