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a lottery consists of one 2000 winner

A lottery consists of one 2000 winner

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Date and time: Wed, 25 Nov 2020 12:29:19 GMT

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A lottery consists of one $2000 winner, three $500 winners, and ten $100 winners. a total of 1000 tickets are sold for $10 each. find the expected winnings for a person purchasing one ticket.

Given that the lottery has the following number of winners: \n\n

One $2000 winner \n\n

Three $500 winners \n\n

Ten $100 winners \n\n

A total of 1000 tickets are sold \n\n

Each ticket costs $10 \n\n

The expected winning for a person purchasing one ticket is\nthe sum of the products of the gain\/loss and their corresponding probability. \n\n

There is one $2000 winner \n\n

There are 1000 tickets \n\n

The probability of winning $2000 \n\n

There are three $500 winners \n\n

There are 1000 tickets \n\n

The probability of winning $500 \n\n

\nThere are ten $100 winners \n\n

There are 1000 tickets \n\n

The probability of winning $100 \n\n

Since each ticket costs $10 \n\n

Everyone who buys a ticket automatically loses $10. \n\n

Therefore, the probability of losing $10 is 1 \n\n

Now to calculate the expected winning for a person\npurchasing one ticket \n\n

= 2000(.001) + 500(.003) + 100(.01) \u2013 10(1) \n\n

= 2 + 1.5 + 1 \u2013 10 \n\n

The expected winning is -5.5. This implies that a person\nplaying this lottery can expect to lose $5.50 for every one ticket that they purchase.\u00a0 “>]” data-test=”answer-box-list”>

A lottery consists of one $2000 winner, three $500 winners, and ten $100 winners. a total of 1000 tickets are sold for $10 each. find the expected winnings – 80…