In a local lottery, there is a 15% chance of winning $1, a 5% chance of winning $5, a 1 in 100 chance of winning $50 and a 1 in 10 000 chance of winning $500.
What is the expected value of your winnings in this lottery?
How much does the lottery need to charge for each ticket to make a profit of 40% on each ticket sold.
Having trouble on even getting started here, could you give me a push in the right direction?
Just did this for you in your earlier post
http://www.jiskha.com/display.cgi?id=1485495789