Determine the expected value in a simple probability situation involving theoretical probability a lottery has a $1 000 000 first prize, a $25 000 second prize, and five $1 000 third prizes. A total of 2 000 000 tickets are sold. Calculate the expected winnings
we have that
expected winnings=7/2,000,000=0.00035%
because
there are 7 prizes (first, second and five third prizes) and a total of 2,000,000 tickets
