Out of 975,000 tickets sold in between Feb 25th and Feb 28th, 300,000 of them we

Question

Out of 975,000 tickets sold in between Feb 25th and Feb 28th, 300,000 of them were wagered by the Michigan group. Table 1 shows 1) the number of winning tickets the Michigan group holds and 2) the total number of winning tickets of each prize. How much revenue did the Michigan group make for each $2 investment? Compare this to the expected payoff in #3.

Prize Michigan group's tickets 2nd 3rd Total tickets 8 372 6,320 43,875 249,425 300,000 23 1235 20,821 143,006 809,915 975,000 th 4 th 5 none Total

Explanation / Answer

The total revenue for the michigan group is the number of tickets sold * cost of each ticket which is $2

hence total reveneue is

300000*2 = 6000000

Payoff for #3 is not given

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