What is your expected net profit e[q]

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Reference no: EM131081893

In a certain lottery game, the chance of getting a winning ticket is exactly one in a thousand. Suppose a person buys one ticket each day (except on the leap year day February 29) over a period of fifty years. What is the expected number E[T] of winning tickets in fifty years? If each winning ticket is worth $1000, what is the expected amount E[R] collected on these winning tickets? Lastly, if each ticket costs $2, what is your expected net profit E[Q]?

Reference no: EM131081893

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