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A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in
A magazine ran a sweepstakes in which prizes were listed along with the chances of winning: $1,000,000 (1 chance in 70,000,000), $100,000 (1 chance in 120,000,000), $25,000 (1 chance in 120,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 26,500,000). Complete a and b. a. Assuming that there is no cost to enter the sweepstakes, find the expected value of the amount won for one entry. (Round to the nearest tenth as needed.)
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