A company offered these prizes and corresponding probabilities.

NUMBER OF PRIZES: 1 5 6
AMOUNT: $100,000 $70,000 $2,000
PROBABILITY: 1/1,000,000 1/50,000 1/10,000

Find the expected value of winning if the tickets are free.. help please :(

Question

A company offered these prizes and corresponding probabilities.

NUMBER OF PRIZES: 1                   5                   6
AMOUNT:        $100,000         $70,000         $2,000
PROBABILITY: 1/1,000,000     1/50,000      1/10,000

Find the expected value of winning if the tickets are free.. help please :(

anonymous · Answer

The value = the reward * the chance of winning.

anonymous · Answer

and after that?

anonymous · Answer

Expected value is the sum of the products of reward and probability of winning. o.O

anonymous · Answer

1(100,000 * 1/100,000,000) + 5(70,000*1/50,000) + 6(2,000*1/10,000) = ...

anonymous · Answer

Was that it?

anonymous · Answer

no ;(

anonymous · Answer

It's not 8,201? If so what? e.e