Question
In a lottery, 8,000 tickets are sold for $1 each. One first prize of $3,200, 1 second prize of $1,600, 3 third prizes of $320,
In a lottery, 8,000 tickets are sold for $1 each. One first prize of $3,200, 1 second prize of $1,600, 3 third prizes of $320, and 10 consolation prizes of $24 are to be awarded. What are the expected net earnings of a person who buys one ticket?
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Introduces Quantitative Finance
Authors: Paul Wilmott
2nd edition
470319585, 470319581, 978-0470319581
