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The prizes that can be won in a sweepstakes are listed, together with the chances of winning each one. Find the expected value of the amount won for one entry if the cost of entering is 52 cents. $5,900 (1 chance in 8,600) $2,700 (1 chance in 5,000) $600 (1 chance in 4,800) $200 (1 chance in 2,500)

 Sep 2, 2014

Best Answer 

 #4
avatar+33616 
+5

Yes. Weird! 

 Sep 2, 2014
 #1
avatar+118609 
+5

You can learn how to do it here.

https://www.youtube.com/watch?v=DAjVAEDil_Q

 Sep 2, 2014
 #2
avatar+33616 
+5

 Prizes

.
 Sep 2, 2014
 #3
avatar+118609 
+5

That is still good isn't it Alan?  Doesn't that mean that the Sweepstakes organisers can expect to pay out more in prizes than they get in revenue?   

 Sep 2, 2014
 #4
avatar+33616 
+5
Best Answer

Yes. Weird! 

Alan Sep 2, 2014

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