Estimate the expected value

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Reference no: EM1312503

One state lottery has 1000 prizes of $1, 200 prizes of $5, 50 prizes of $25, 15 prizes of $150, 4 prizes of $500, and 1 prize of $2500.

Assume that 35000 lottery tickets are issued and sold for $1.

What is the lottery expected profit per ticket?

Reference no: EM1312503

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