Question 324996: The table below shows the prizes and probabilities of winning(on a single $1 ticket) for a particular state lottery.
Prize (dollars)-------- Probability
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19 millon(jackpot)----- 1 in $76,275,360
150,000 ------- 1 in 2,179,296
5000 --------- 1 in 339,002
150 ------------ 1 in 9686
100 ------------ 1 in 7705
5 ------------- 1 in 220
2 ------------- 1 in 102
1 -------------- 1 in 62
How would you expect to win or lose if you bought one $1 ticket every day for a year? Round to the nearest dollar.
Thank you
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The table below shows the prizes and probabilities of winning(on a single $1 ticket) for a particular state lottery.
Prize (dollars)-------- Probability
_____________________________________
19 millon(jackpot)----- 1 in 76,275,360
150,000 ------- 1 in 2,179,296
5000 --------- 1 in 339,002
150 ------------ 1 in 9686
100 ------------ 1 in 7705
5 ------------- 1 in 220
2 ------------- 1 in 102
1 -------------- 1 in 62
How would you expect to win or lose if you bought one $1 ticket every day for a year?
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Procedure:
Multiply each prize value by its probability.
Add those products to see your expected win for one day.
Multiply that value by 365 to see your expecgted win for a year.
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Cheers,
Stan H.
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