math
posted by Tina on .
A certain sweepstakes ticket has four categories of prizes with the following probabilities of being won:
Prize
Probability
$100,000
1/500,000
$50,000
1/250,000
$20,000
1/200,000
$10,000
1/100,000
What is the expected value of buying these sweepstakes tickets?
Select one:
a. $.60
b. $5.00
c. $.50
d. $6.00

(1/500,000)(100000) + (1/250000)(50000) + (1/200000)(20000) + (1/100000)(10000)
= .60
so $0.60