Krinkles potato chips is having a lucky seven sweepstakes. The one grand prize is $55,000; 7 second prizes each pay $5,500 ; 77 third prizes each pay $550; and 777 fourth prizes each pay $55. What is the expectation of this contest if there are 11 million entries

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 28E
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Krinkles potato chips is having a lucky seven sweepstakes. The one grand prize is $55,000; 7 second prizes each pay $5,500 ; 77 third prizes each pay $550; and 777 fourth prizes each pay $55. What is the expectation of this contest if there are 11 million entries
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