statistics

posted by .

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 -

    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?

  • statistics -

    .695

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    1000 tickets for prizes are sold for 42 each. Seven prizes will be awarded-one for $400, one for $200, and five for 450. steven purchases one of the tickets. find the expected value and find the fair price of the ticket.
  2. 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?
  3. Math

    One thousand raffle tickets are sold for $1.00 each. One grand prize of $400 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. ?
  4. 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 …
  5. statistics

    A lottery offers one $800 prize, one $400 prize, and ten $80 prizes. One thousand tickets are sold at $3 each. Find the expectation if a person buts two tickets. Assume that each ticket can win more than one prize.
  6. 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 …
  7. 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?
  8. statistics

    A lottery offers one $10000 prize, one $5000 prize and five $1000 prizes. 1000 tickets are sold at $30 each . Find the expectation if a person buys one ticket workings: 9970/1000+4970/1000+4850/1000-29790/1000 = -10000/1000 =-$10
  9. 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 …
  10. Stat

    lottery offers one $900 prize, two $700 prize, two $400 prize and five $200 prize. One thousand tickets are sold at $5. Find the expectation if a person buys two tickets

More Similar Questions