A lottery offers one $1000 prize, one $500 prize, and two $50 prizes. One thousand tickets are sold at $4.00 each. Find the expectation if a person buys one ticket. Create a probability distribution as part of your answer.

A lottery offers one $1000 prize, one $500 prize, and two $50 prizes. One thousand tickets are sold at $4.00 each. Find the expectation if a person buys one ticket. Create a probability distribution as part of your answer.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter0: Preparing For Algebra

Section0.11: Simple Probability And Odds

Problem 1E

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Question

A lottery offers one $1000 prize, one $500 prize, and two $50 prizes. One thousand tickets are sold at $4.00 each. Find the expectation if a person buys one ticket.

Create a probability distribution as part of your answer.

Expert Solution