In a recent promotional campaign, a company offered these prizes and the corresponding probabilities. Find the expected value of winning. The tickets are free.

If the winner has to mail in the winning ticket to claim the prize, what will be the expectation if the cost of the stamp is considered? Use the current cost of a stamp for a first class letter.

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Number of prizes Amount Probability $100,000 1,000,000 10,000 50,000 1,000 10,000 10 100 1000