Determine lottery-s expected profit per ticket

Reference no: EM13131261

One state lottery has 500 prizes of $1, 75 prizes of $10, 15 prizes of $75, 5 prizes of $325, 2 prizes of $1250, and 1 prize of 3000. Assume that 22,000 lottery tickets are issues and sold for $1. What is the lottery's expected profit per ticket?

Reference no: EM13131261

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