# 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 these sweepstakes tickets?
Select one:
a. \$.60
b. \$5.00
c. \$.50
d. \$6.00

1. 👍
2. 👎
3. 👁
1. (1/500,000)(100000) + (1/250000)(50000) + (1/200000)(20000) + (1/100000)(10000)
= .60
so \$0.60

1. 👍
2. 👎

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