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July 23, 2014

July 23, 2014

Posted by **Madmazel** on Monday, May 10, 2010 at 10:18pm.

- Data Management -
**Bob**, Friday, April 12, 2013 at 7:51pmP(x) of 1000000 is 1/1000000

P(x) of 50000 prize is 2/1000000

P(x) of 1000 prize ia 10/1000000

P(x) of 50 prize is 200/1000000

P(x)=p

Find E(x) for each one

E(x)= n.p

Then add all E(x) values to find the expected value of all prizes for one ticket

Finally, that that total and multiply it by the cost of the ticket which is 2 dollars.

This will give you the expected profit

Thank You

Your Welcome!!!

- Data Management -
**Bob**, Friday, April 12, 2013 at 7:53pmOh also n is the total number of tickets which in this case is 1000000

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