Hostes by ALEKS Corp 5.2 Homework Previous 1 23 Next Question 4 of 4 (1 point) 5

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Hostes by ALEKS Corp 5.2 Homework Previous 1 23 Next Question 4 of 4 (1 point) 5.2 Section Exercise 16 A lottery offers one $800 prize, two $600 prizes, two $300 prizes, and five $200 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys four tickets. Assume that the player's ticket is replaced after each draw and that the same ticket can win more than one prize. Round to two decimal places for currency problems. The expectation if a person buys four tickets is S Ask Lin Sav

Explanation / Answer

Given, there are 1000 tickets.

Expected winnings on one ticket= 800*(1/1000)+600*(2/1000)+300*(2/1000)+200*(5/1000)=$3.6

Cost of purchasing one ticket=$7

Expectation on one ticket=(3.6-7)=-$3.40

Expectation on 4 tickets=(4*-3.4)=-$13.60

Winnings $800 $600 $300 $200 Probability 1/1000 2/1000 2/1000 5/1000

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