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December 21, 2014

Homework Help: Math

Posted by Jack on Tuesday, January 11, 2011 at 10:10am.

A sweepstakes posted the odds and payoffs. Suppose that mailing the sweepstakes costs $0.33 and the odds in favor of winning the various prizes are listed in the chart below. What is the expected value of the sweepstakes for any individual? Considering the postage, is the drawing fair?
Chart given
Odds Prize Quantity
1 to 10000000 $2000000 1
1 to 10000000 $200000 10
1 to 5000000 $2000 100

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