sk8erboi
New member
- Joined
- Jan 29, 2018
- Messages
- 10
hi!! my finals are tomorrow and i don't have a clue how to do this question, and google and khan academy couldnt help me. here is the question:
There were 400 000 tickets sold for a lottery, and each ticket cost $1. There were four prize categories, and the number of winning tickets for each category is shown below. If Alfred purchased one ticket, what is his expected gain/loss?
the answer key says the answer to this question (alfred's gain/loss) is -0.68.
if anyone can solve this and show me the steps how, it would be greatly appreciated thanks !!!
There were 400 000 tickets sold for a lottery, and each ticket cost $1. There were four prize categories, and the number of winning tickets for each category is shown below. If Alfred purchased one ticket, what is his expected gain/loss?
prize money | number of tickets |
$40 000 | 1 |
$4 000 | 5 |
$400 | 120 |
$5 | 4000 |
the answer key says the answer to this question (alfred's gain/loss) is -0.68.
if anyone can solve this and show me the steps how, it would be greatly appreciated thanks !!!