Question

A lottery ticket costs $2.00 and a total of 4 500 000 tickets were sold. The prizes are as follows:

Answer 1

The expected average winnings per raffle, if you always purchase four tickets, would be $0.35.

Step-by-step explanation:

To calculate the expected average winnings per raffle, we need to find the expected value of the prizes. The expected value is calculated by multiplying each prize amount by its probability of being won, and then summing up those products.

In this case, the prizes are $0, $5, $25, and $100 with probabilities of 0.969, 0.025, 0.005, and 0.001 respectively.

So, the expected value of X is: 0(0.969) + 5(0.025) + 25(0.005) + 100(0.001) = $0.35. Therefore, the expected average winnings per raffle, if you always purchase four tickets, would be $0.35.

Answer 2

$9000000 you do this by doing 4,500,000*2 you can do this working it out or calculator