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e https://www.maths.com Student/PlayerHomework.aspx?homeworkld-4591 18502&questionid; -) Secure MBA-501-02423 Math and Stats for Business 17TW2 Homework: 7-1 MyMathLab: Module Seven Homework Score: 0 of 2 pts Bus Econ 9.1.21 14 of 20 (14 complete) A rafie offers a frat prize of 51000, 2 second prizes of $300, and 20 third przes of 510 each. N 20000 tickets are soid at 75 cents each, find the expected winnings for a person buying 1 ticket What are the expecled winnings? cents Round your answer to the nearest whole cent)

Explanation / Answer

Given:-

Random number values are 1000, 300 (twice) , 10 (20 times). (-0.75)
Corresponding probabilities are (1/15000), (2/15000), (20/15,000), ( 15000-1-2-20 /15000)=(14977/15000)
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Expected winnings: [1000 + 600 + 200 -(14977*0.75)]/15000
= (1800 - 11232.75)/15000 = -0.63cents
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Expected winnings are -63 cents.

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