You buy a lottery ticket to a lottery that costs $10 per ticket. There are only 100 tickets available to be sold in this lottery. In this lottery there are one $500 prize, two $100 prizes, and $25 prizes. Find your expected gain or loss
Added by Andrea S.
Step 1
- The probability of winning a $100 prize is 2/100, because there are two such prizes and 100 tickets. - The probability of winning a $25 prize is 5/100, because there are five such prizes and 100 tickets. - The probability of not winning anything is 92/100, Show more…
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