SOLUTION: You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $10

Algebra ->  Probability-and-statistics -> SOLUTION: You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $10      Log On


   

Question 1015748: You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this
lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Find your expected gain or loss.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Find the probability of the 3 prizes
P%281%29=1%2F100 $500 prize
P%282%29=2%2F100 $100 prize
P%283%29=4%2F100 $25 prize
P=100%2F100-%281%2B2%2B4%29%2F100=93%2F100 No prize
.
.
.

E=+4.90+%2B+1.80+%2B0.6+-9.3+
E=-2+