Homework Help: statistics

Posted by Bruno on Tuesday, June 5, 2012 at 7:48pm.

A lottery offers one $900 prize, one $600 prize, three $400 prizes, and five $100 prizes. One thousand tickets are sold at $6 each. Find the expectation of a person buys five tickets.

statistics - MathMate, Tuesday, June 5, 2012 at 9:48pm
Total amount of prizes
= 900+600+3*400+5*100
= $3200
Total number of tickets
= 1000
expected value of prizes for each ticket sold =3200/1000=$3.2
What is the expected value of 5 tickets?

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