Question
A class is holding a fundraising lottery where they will sell 1000 tickets. The cost of each ticket is $6. One ticket will win a
A class is holding a fundraising lottery where they will sell 1000 tickets. The cost of each ticket is $6. One ticket will win a grand prize of $1500, and ten tickets will win a second prize of $100. A) What would the expected winnings of a ticket be if one ticket could win multiple times (eg. Winning tickets are put back in the hat/barrel/whatever before the next ticket is drawn) B) How much do you expect to win/lose if you buy a ticket and one ticket could win multiple times? C) If each ticket can only win one prize and it is not replaced after it is drawn, what is the expected winnings for each ticket? D) How much do you expect to win/lose if you buy a ticket and one ticket could win multiple times?
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