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A sweepstakes posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one sweepstakes
A sweepstakes posted the probabilities of winning each prize and the prize amounts as shown in the chart to the right. Suppose that one sweepstakes entry costs$1. Find the expected value of the winnings for any individual entry. Then state how much you can expect to win or lose if you spend$165 in entries.
Prize | Probability |
$2,000,000 | 1in80,000,001 |
$200,000 | 1in40,000,001 |
$2000 | 1in20,000,001 |
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