A lottery has a grand prize of $40,000, two runner-up prizes of $5,000 each, ten third place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 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 net winnings on a $1 ticket. (Round your answer to two decimal places) $0.47 X

College Algebra
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ISBN:9781337282291
Author:Ron Larson
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Chapter8: Sequences, Series,and Probability
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A lottery has a grand prize of $40,000, two runner-up prices of $5,000 each, ten third-place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 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 net winnings on a $1 ticket. (Round your answer to two
decimal places)
5047
X
Transcribed Image Text:A lottery has a grand prize of $40,000, two runner-up prices of $5,000 each, ten third-place prizes of $2000 each, and twenty five consolation prices of $200 each. If 160,000 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 net winnings on a $1 ticket. (Round your answer to two decimal places) 5047 X
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