SOLUTION: A major non-profit company is having a fundraiser by selling tickets. The grand prize is $8,000; 8 second prizes each pay $800; and 88 third prizes each pay $80. What is the ex
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-> SOLUTION: A major non-profit company is having a fundraiser by selling tickets. The grand prize is $8,000; 8 second prizes each pay $800; and 88 third prizes each pay $80. What is the ex
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Question 1054964: A major non-profit company is having a fundraiser by selling tickets. The grand prize is $8,000; 8 second prizes each pay $800; and 88 third prizes each pay $80. What is the expectation of this sweepstakes, if there are 5,000 tickets sold? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Assuming only one grand prize is awarded, and tickets are $1 apiece, the expected payout would be:
1/5000 x (8000+8(800)+88(80))=1/5000 x 21440=$4.288/ticket. ☺☺☺☺
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