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

A lottery has one $1000000 prize, two $50000 prizes, ten $1000 prizes, and two hundred $50 prizes. There are to be one milllion tickets sold. How much pofit does the lotto company make if they sell the tickets for $2.00 each?

- Data Management -
**Bob**, Friday, April 12, 2013 at 7:51pm
P(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 7:53pm
Oh also n is the total number of tickets which in this case is 1000000

## Answer this Question

## Related Questions

- Math - Volunteers working to raise funds for a new community library sold 1000 ...
- College Math - Volunteers working to raise funds for a new community library ...
- statistics - A lottery offers one $900 prize, one $600 prize, three $400 prizes...
- statistics - A lottery offers one $800 prize, one $400 prize, and ten $80 prizes...
- Math - A lottery has a grand prize of $180,000, two runner-up prizes of $22,500 ...
- stats - At a raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $...
- Statistics - A raffle is being conducted with 50 tickets to be sold - one per ...
- math - Alottery has 100 tickerts which are placed in a barrel . Three tickets ...
- math - Ten thousand raffle tickets are sold. 1 first prize of $1800, 3 second ...
- Math 142 - 800 hundred chances are sold at $2 apiece for a raffle. There is a ...

More Related Questions