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What is the expected return when an individual purchases

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Reference no: EM131812919

Suppose that a new state lottery game is developed with the following prizes and the number of tickets for each dollar prize:

Prize             of Tickets

$0             88,120

$1             11,000

$5                  500

$10                  200

$20                  100

$100                    50

$500                    20

$1000                    10

The cost of a ticket is $1 and there are a total of 100,000 tickets available. Answer each of the following questions:

Question 1: What is the probability that an individual purchasing one ticket will win a prize of $1,000?

Question 2: What is the probability that an individual purchasing one ticket will win $5 or more?

Question 3: The actual return for purchasing one ticket must take into account the $1 spent to purchase the ticket. Keeping this in mind, what is the probability that purchasing one ticket will yield a return of $0?

Question 4: What is the expected return when an individual purchases one lottery ticket in this game?

Reference no: EM131812919

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