Solution-Find the expected value, (a) Find the expected

Find the expected value

Reference no: EM131214271

Prizes and the chances of winning in a sweepstakes are given in the table below.

Prize	Chances
$25,000,000	1 chance in 200,000,000
$450,000	1 chance in 200,000,000
$75,000	1 chance in 20,000,000
$20,000	1 chance in 4,000,000
$600	1 chance in 200,000
A watch valued at $50	1 chance in 9,000

(a) Find the expected value (in dollars) of the amount won by one entry.

(b) Find the expected value (in dollars) if the cost of entering this sweepstakes is the cost of a postage stamp (34 cents)

Reference no: EM131214271

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Find the expected value

Reference no: EM131214271

Reference no: EM131214271

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