Question 1204683
<pre>
With "at each" deleted.</pre>A lottery offers one $800 prize, two $500 prizes, two $400 prizes, and four $100
prizes. One thousand tickets are sold <s>at each</s>. Find the expectation if a person buys
five tickets. Assume that the player's ticket is replaced after each draw and
that the same ticket can win more than one prize. Round to two decimal places
for currency problems.<pre>P(winning) = 5 winning tickets out of 1000 tickets = 5/1000 = 0.005 

    Winning  P(winning)  Winning x P(winning)
      $800     0.005           $4.00
      $500     0.005           $2.50      
      $500     0.005           $2.50
      $400     0.005           $2.00
      $400     0.005           $2.00
      $100     0.005           $0.50 
      $100     0.005           $0.50
      $100     0.005           $0.50
      $100     0.005           $0.50
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Total expectation of payout = $15.00

Edwin</pre>