SOLUTION: A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven third-place prizes of $7000 each, and twenty-three consolation prizes of $700 each. If 1,400,

Algebra ->  Probability-and-statistics -> SOLUTION: A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven third-place prizes of $7000 each, and twenty-three consolation prizes of $700 each. If 1,400,      Log On


   

Question 1204190: A lottery has a grand prize of $280,000, five runner-up prizes of $28,000 each, eleven third-place prizes of $7000 each, and twenty-three consolation prizes of $700 each. If 1,400,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
Answer by ikleyn(52800) About Me  (Show Source):
You can put this solution on YOUR website!
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    the expected return on a $1 ticket is  %28280000%2B5%2A28000%2B11%2A7000%2B23%2A700%29%2F1400000 = 513100%2F1400000 = 0.3665 dollars per each $1 ticket.    ANSWER

Solved.