What is the lottery-s expected profit per ticket

Reference no: EM13145828

One state lottery has 225 prizes of$1.00, 100 prizes of $5.00, 40 prizes of $25.00, 14 prizes of $100, 4 prizes of $350, & 1 prize of $1000. Assume that 15,000 lottery tickets are issued and sold for $1.00. What is the lottery's expected profit per ticket?

Reference no: EM13145828

Questions Cloud

Accounting treatment of the depletion and depreciation : Discuss the accounting treatment of the depletion and depreciation on the mine and mining equipment.

Find bounds on the p-value on f-statistic : Each factor level has been replicated three times. The computer value of the F-statistic is F0=3.26. Find bounds on the P-value.

What weight of the oxide can be obtained : when aluminum is heated in oxygen, aluminum oxide is formed. What weight of the oxide can be obtained from 25.0 g of the metal.

Compute the break-even point in number of rooms : Compute the break-even point in number of rooms rented. What percentage occupancy for theyear is needed to break even? Assume that the volume level of rooms sold is 150,000. The manager is wondering how much incomecould be generated by adding sales ..

What is the lottery-s expected profit per ticket : 4 prizes of $350, & 1 prize of $1000. Assume that 15,000 lottery tickets are issued and sold for $1.00. What is the lottery's expected profit per ticket?

Where does translation occur in eukaryotic cells : Where does translation occur in eukaryotic cells, and what type of molecule is made during this process?

Entity expenditure cycle : What did you learn about an entity's expenditure cycle? How many components are part of this cycle? What did you learn in your audit of Apollo's expenditure cycle? Did you not any errors or findings? If yes, how do you think these errors or findin..

Cost of goods sold-income statement : What amount should White report as Cost of Goods Sold in the 2011 income statement?

Find probability that air northeast books people on flight : Using the Binomial Distribution, find the probability that if Air Northeast books 21 people on a flight, not enough seats will be available for all booked passengers.

User Account

All Pages