Math
posted by Cecylia .
A lottery has a grand prize of $180,000, two runnerup prizes of $22,500 each, eleven thirdplace prizes of $3600 each, and fourteen consolation prizes of $450 each. If 720,000 tickets are sold for $1 each and the probability of any one ticket winning is the same as that of any other ticket winning, find the expected return on a $1 ticket. (Round your answer to two decimal places.)
Respond to this Question
Similar Questions

Math 101
Debra is buying prizes for a game at her school's fundraiser. The game has three levels of prizes, and she has already bought the second and third prizes. She wants the first prize to be nice enough to attract people to the game. The … 
Data Management
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? 
math
A raffle has a $500 first prize, two $100 second prizes and five $25 third prizes. If 500 tickets are sold for $5 each find the expected value of buying a single ticket. 
math
Alottery has 100 tickerts which are placed in a barrel . Three tickets are drawn at random from the barrel to decide 3 prizes . If john has 3 tickets in the lottery , determine his probability of winning : A.first prize. B.first and … 
Math 142
800 hundred chances are sold at $2 apiece for a raffle. There is a grand prize of $650 dollars, two second prizes of $250, and five third prizes of $50. First calculate the expected value of the lottery. Determine if the lottery is … 
stats math
Suppose you are selling raffle tickets for $3.00 each. You have the following prizes.1 grand prize of $150 1 prize of $75 1 prize of $50 1 prize of $25 5 prizes of $10 each A total of 500 raffle tickets are sold. What is the expected … 
Math
it cost $2 to buy a raffle ticket. if there are 500 tickets sold, and there is one first prize of $250, three second prizes of $100, and five third prizes of $50, what is the expected value of this raffle? 
stats
At a raffle, 1000 tickets are sold at $5 each. There are 20 prizes of $25, 5 prizes of $100, and 1 grand prize of $2000. Suppose you buy one ticket. 
stats
raffle with a grand prize $500., 2 second place prizes of $100., 4 third place prizes of $50.. the raffle offers 250 tickets for $4. each. what is probability model , the expected value of a single ticket and the target of $200.to … 
Statistics
You buy a lottery ticket to a lottery that cost $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and four $25 prizes. Find your expected gain …