a lottery offers one $1000 prize one $500 and two $50 prizes. one thousand tickets are sold at $2.50. what is the expectived pro
fit
1 answer:
Answer:
$900
Step-by-step explanation:
To begin with let us estimate the total cash value of the prices
$1000 x 1= 1000
$500 x 1= 500
$50 x 2= 100
Total = $1600
Now let us calculate the total cost of tickets sold at $2.50 per tickets for 1000 tickets
2.5*1000= $2,500
Assuming worse case that the lottery had winners in all three categories and i.e the total prices given out is $1600
Then the expected profit is = $2,500-$1600= $900
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