Expected winnings-charge for ticket for profit

Assignment Help Basic Statistics

Reference no: EM1390637

A certain state lottery awards 418 prizes; 28-$200 prizes, 120-$25 prizes and 270-$20 prizes, for every 10,000 tickets sold.

a.) Determine what the expected winnings per ticket; over the long term? (Expected value) Explain.

b.) What is the minimum the lottery should charge per ticket if they expect to make a profit?

Reference no: EM1390637

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