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Amount won by one entry

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Reference no: EM131210769

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: EM131210769

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