Question

# A lottery has a grand prize of \$120,000, two runner-up prizes of \$15,000 each, four third-place...

A lottery has a grand prize of \$120,000, two runner-up prizes of \$15,000 each, four third-place prizes of \$6000 each, and eight consolation prizes of \$1200 each. If 480,000 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.)

expected net winnings on a \$1 ticket =expected value of win-cost of ticket

=(1/480000)*(120000+15000*2+6000*4+8*1200)-1

= -0.62

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