0
If 1000 chances are sold at 4 a piece for a raffle and there is one Grand Prize of 450 two second prizes of 200 and 5 third prizes of 100 Calculate the expected value of the lottery?
Wiki User
∙ 14y ago
welcome to to www.if1000.com
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Why nobody can win a pick 6 lottery by picking every number combination?
That is because whoever organizes the lottery - or another game of luck, for that matter - will calculate the probabilities so that they win - at least in the long term. As a result, if you pick every number combination, you would spend more than the total prizes.
Could you win the national lottery run without omr?
Not sure what you mean by "omr"; but in general, to win a lottery, you need to buy one or more tickets, then wait to see whether you are lucky.Basically this is NOT a good investment; in the long-term average, for every dollar you spend, you get less than one dollar in prizes.
What are the odds of winning the Mega Millions Jackpot?
The odds of winning prizes are shown in table from the official Mega Millions website. From the table, you can calculate the cumulative probability of winning a prize and the expectation of the prize. - If you bought 1 ticket You have 1/75 + 1/141 + 1/844 + 1/306 + 1/13781 + 1/15313 + 1/689065 + 1/3904701 + 1/175711536 = 1/40 chances to win a prize with the expectation of $2/75 + $3/141 + $10/844 + $7/306 + $150/13781 + $150/15313 + $10,000/689065 + $250,000/3904701 + Jackpot/175711536 = $0.83. Here we assumed Jackpot prize is $12,000,000. This can be interpreted statistically as follows: You pay $1 to buy 1 ticket, and you have 2.5% of chances to get $0.83 back out of your $1 and 97.5% of chances to lose your $1. So, the expected net worth of the 1 ticket is 0.025x$0.83=$0.02, which is about 2% of the purchased ticket price.* In case the Jackpot is rolled over, the expectation of the prize will increase, but increasing the Jackpot prize from $12,000,000 to $120,000,000 only results in increasing the expectation of the prize from $0.83 to $1.44, thus the expected net worth of a ticket increases from 0.025x$0.83=$0.02 to 0.025x$1.44=$0.036, which is a trivial difference. * The calculations are brought from PickSmarter.com. - If you bought 2 tickets The chances for at least one of 2 tickets to win a prize is 1-(39/40)2 =0.049 with the expectation of $1.65. So, you pay $2 to buy 2 tickets, and you have 4.9% of chances to get $1.65 back out of your $2 and 95.1% of chances to lose your $2. The expected net worth of the 2 tickets is 0.049x$1.65=$0.08, which is about 4% of the purchased tickets price. - If you bought 40 tickets The chances for at least one of 40 tickets to win a prize is 1-(39/40)40 =0.637 with the expectation of $33.04. So, you pay $40 to buy 40 tickets, and you have 63.7% of chances to get $33.04 back out of your $40 and 36.3% of chances to lose your $40. The expected net worth of the 40 tickets is 0.637x$33.04=$21.05, which is about 52% of the purchased tickets price. - If you bought 100 tickets The chances for at least one of 100 tickets to win a prize is 1-(39/40)100 =0.92 with the expectation of $83. So, you pay $100 to buy 100 tickets, and you have 92% of chances to get $83 back out of your $100 and 8% of chances to lose your $100. The expected net worth of the 100 tickets is 0.92x$83=$76.4, which is about 76% of the purchased tickets price. So, the more tickets you buy, the chances of at least one of your tickets win a prize increase with higher expected amount of prize, and thus the chances of your getting nothing decrease, but the amount of money you lose increases when you do lose. The percentage of the expectected net worth of the ticksts gradually converges to the purchased tickets price, at the risk of losing more money with less probability.
If there are three prizes of 300 each how many ways are there to distribute the prizes if there are 80 contestants?
Since the three prizes are the same, the answer is the number of combinations of 3 out of 80. That is 82160 ways.
What time are the Connecticut super draw numbers drawn?
This is the answer I received: Million Dollar Super Draw results for the $1,000,000 top prize and ten second prizes of $20,000 each will be broadcast during the FOXCT "News at Ten" (10:00pm) show on Saturday, January 1. After that broadcast, the full set of 1,311 winning numbers will be posted to the Lottery's web site at www.ctlottery.org. Additionally, consumers can use the Ticket Checker scanning machines available at all CT Lottery retail locations to check their tickets.
What prizes are offered by the SC Education Lottery?
The SC Education Lottery has many prizes. They are one of the lotteries that is included in Powerball, that amount varies and can be upwards of $400,000,000. They also have prizes ranging from $1.00 to $1,000,000.
What are the prizes for the Princess Margaret Lottery?
There are nine incredible grand prizes. They are all properties. They are houses that are located across the United States. The Prizes also include Luxury cars such as a BMW.
Where are some of the places that one can participate in an online lottery?
There are several webpages which offer a lottery service. For example, try the official National Lottery webpage, where one can by tickets and scratchcards for prizes.
Do people really win cash prizes in the UK?
Yes, some people win cash prizes in the UK if they, for example, enter competitions or buy lottery tickets.
Why nobody can win a pick 6 lottery by picking every number combination?
That is because whoever organizes the lottery - or another game of luck, for that matter - will calculate the probabilities so that they win - at least in the long term. As a result, if you pick every number combination, you would spend more than the total prizes.
Why does putting money in premium bonds have a lower risk than playing the national lottery?
Premium bonds are sold in the UK and are a type of lottery bond. The bond generates 1.5% interest (currently), and this money is paid into a fund from which prizes are awarded. Like a lottery, there is a drawing and the winning bondholders get prizes ranging from 25 to 1 million pounds.
The proceeds of the Georgia state lottery after prizes and operating expenses is held in a separate account which can only be used for education programs and purposes in the state?
Lottery for Education Account
Is there anyway to find out how many top prizes have been won so far on the CT lottery scratch games?
No There Is Not
Can you send in your non winning OHIO lottery ticket for prizes?
You can send it. It would, however, be a waste of everyone's time.
What is the current value of the MD lottery?
The current values of the MD Lottery are as follows, Multi Match is $800,000, Power Ball is $116,000,000, and the Mega Millions is $103,000,000, all prizes are estimated.
What must the fund for the Missouri state lottery be used for?
Deposited in the "State Lottery Fund" for public institutions of elementary, secondary and higher education, administrative expenses and then minimum of 45% used for prizes.
A lottery has one 2000 prize two 1000 prizes and ten 500 prizes Two thousand tickets are sold at 5 each Find the expectation if a person buys two tickets?
-$1.00 this is you answer
