Question 949697: a school club is selling lottery ticket for a $1 each. There is one $500 prize,three $100 pizzas and ten $5 prizes. One thousand tickets are sold. On average, how much can a person who buys a ticket except to win or lose
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! a school club is selling lottery ticket for a $1 each.
There is one $500 prize,three $100 pizzas and ten $5 prizes.
One thousand tickets are sold.
On average, how much can a person who buys a ticket except to win or lose
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Random number "winnings::....499.... 99.... 4.... -1
Corresponding Probabilities..1/1000.3/1000..10/1000..986/1000
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E(X) = (499 + 3*99 + 10*4 - 986*(-1))/1000 = $1.82 (expected winnings)
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Cheers,
Stan H.
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Cheers,
Stan H.
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