What is expected value of the sweepstakes for any individual

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Reference no: EM13185693

A sweepstakes posted the odds and payoffs. Suppose that mailing the sweepstakes costs $0.33 and the odds in favor of winning the various prizes are listed in the chart below.

What is the expected value of the sweepstakes for any individual? (Round to the nearest cent)

Considering the postage, is the drawing fair? Yes or No?

Chart given
Odds Prize Quantity
1 to 50000000 $2000000 1
1 to 50000000 $200000 10
1 to 25000000 $2000 100

Reference no: EM13185693

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