Math
posted by Jack .
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

1+1
Respond to this Question
Similar Questions

math
A card is drawn at random from an ordinary deck of playing cards. Find the following odds. A. Odds in favor of drawing a 5,6,7 B. Odds against drawing a king, queen, jack, or ace D.Odds against drawing an even numbered (2,4,6,8,10)card. … 
math
I'm so lost with this stuff! 2. What is the P (A) if we know that the odds in favor of A occurring are 3 to 4? 
math
a teaher chooses a student at random from a class of 10 boys and 15 girls. Find the odds favor of and for the odds against each event. 1. choosing a girl 2. choosing a boy i don't understand odds of something please help......... 
Math/Statistics
A certain drawing states that the odds of winning are 15:270. What would be the odds against winning? 
math
Calculate the expectation (to the nearest cent) for the Reader's Digest sweepstakes described below. Assume there are 197,000,000 entries. 
math
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 … 
math
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 If each ticket costs $1.00, what is … 
Math  Odds
If you toss three coins, what are the odds in favor of getting exactly two tails and one head? 
Data Management
A confident and boastful coach claims that on the next league game the odds of his team winning are 3:1; the odds against losing are 5:1; and the odds against a tie are 7:1. Can these odds be right? 
Math
Suppose that the weather forecast calls for a 30% chance of rain on each of the three days of a long weekend. What are the odds in favour of no rain throughout the entire long weekend?