SOLUTION: A lottery sells 1000 tickets at $1 apiece. There is one winner who recieves $100,and 5 second place winners who recieves $50 each.What is the exspected value of a ticket?

Algebra ->  Probability-and-statistics -> SOLUTION: A lottery sells 1000 tickets at $1 apiece. There is one winner who recieves $100,and 5 second place winners who recieves $50 each.What is the exspected value of a ticket?      Log On


   

Question 921180: A lottery sells 1000 tickets at $1 apiece. There is one winner who recieves $100,and 5 second place winners who recieves $50 each.What is the exspected value of a ticket?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
Expected value of Ticket = %281%2F1000%2999+%2B+%285%2F1000%2949+-+%28994%2F1000%291 = -$0.65