For each million tickets sold, the original New York Lottery awarded one $50,000 prize, nine $5000...

For each million tickets sold, the original New York Lottery awarded one $50,000 prize, nine $5000 prizes, ninety $500 prizes, and nine hundred $50 prizes.

a) Describe the possible winnings in terms of a random variable and calculate the expected value of a single ticket.

b) The tickets sold for 50¢ each. How much could the state of New York expect to earn for every million tickets sold?

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orchestra answered 2 years ago

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For each million tickets sold, the original New York Lottery awarded one $50,000 prize, nine $5000...

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