Reference no: EM131996841

A magazine ran a sweepstakes in which prizes were listed along with the chances of? winning: $1,000,000? (90,000,000?), ?$100,000 (120,000,000?), ?$25,000 (120,000,000?), ?$5,000 (35,667,000?), and? $2,500 (27,500,000?).

a. Assuming that there is no cost to enter the? sweepstakes, find the expected value of the amount won for one entry. Round to the nearest tenth in ¢?.

b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp ?(3¢?). Round to the nearest tenth in ¢?.

Is it worth entering this? contest?

A. Yes. It is worth entering this contest because the new expected value is negative.

B. No. It is not worth entering this contest because the new expected value is positive.

C. Yes. It is worth entering this contest because the new expected value is positive.

D. No. It is not worth entering this contest because the new expected value is negative.