What is expected value of the sweepstakes for any individual

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

Questions Cloud

Determining wheather a contract has been formed : Phil agrees to work for Vaction Resorts, Inc.,as a chef. In determining wheather a contract has been formed, and element of prime importance is?

Find the optimum number of copies per order : A bookstore has an annual demand for 40,000 copies of a best-selling book. It costs $0.90 to store one copy for one year, and it costs $15 to place an order. Find the optimum number of copies per order.

How does a two-part tariff differ from bundling : (a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller Why (b) How does a two-part tariff differ from bundling

State and identify a chemical reagent : identify a chemical reagent used in this experiment that can be used to distinguish cacl2 (soluble) from CaCo3 (insoluble)

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

Create the primary and foreign key using a uml class diagram : Create the primary key and foreign keys using a UML Class diagram for each table and compare and contrast the key aspects that each system offers

What is the expected pw cost of the building : The university is selling bonds to cover the cost of a new power plant for UAF. The face value on the bonds is $100 million and is to be repaid in 10 years with coupons paid annually. There is a 15% chance the effective interest rate will be 5%, 2..

How many 16-flag signals can she run up a flag pole : Sally has 5 red flags, 6 green flags, and 5 white flags. How many 16-flag signals can she run up a flag pole?

Determine threats to data collection process for your plan : Integrate data collection methods into the program evaluation plan. Evaluate the strengths and weaknesses of data collection sources for your program. Determine threats to the data collection process for your plan.

User Account

All Pages