A magazine ran a sweepstakes in which prizes were listed along with the chances ofwinning: $1,000,000(1 chance in 70,000,000), $100,000 (1 chance in 130,000,000), $25,000 (1 chance in 130,000,000), $5,000 (1 chance in 35,667,000), and$2,500 (1 chance in 26,500,000). Complete a and b.

a. Assuming that there is no cost to enter thesweepstakes, find the expected value of the amount won for one entry.

____ (Round to the nearest tenth asneeded.)

b. Find the expected value if the cost of entering this sweepstakes is the cost of a postage stamp (3).

______ (Round to the nearest tenth asneeded.)

Is it worth entering thiscontest?

A. No. It is not worth entering this contest because the new expected value is positive.

B. Yes. It is worth entering this contest because the new expected value is positive.

C.Yes. It is worth entering this contest because the new expected value is negative.

D.No. It is not worth entering this contest because the new expected value is negative.