SOLUTION: Suppose 5000 tickets are sold in a lottery. There are three prizes: The first is $1000, the second is $500, and the third is $100. What is the mathematical expectation of winning?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Suppose 5000 tickets are sold in a lottery. There are three prizes: The first is $1000, the second is $500, and the third is $100. What is the mathematical expectation of winning?       Log On


   

Question 1158318: Suppose 5000 tickets are sold in a lottery. There are three prizes: The first is $1000, the second is $500, and the third is $100. What is the mathematical expectation of winning?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
E(X)=1000*1/5000+500(1/5000)+100(1/5000)=$0.32
Does not take in the cost of the ticket, which is unknown.