A company offered these prizes and corresponding probabilities.

#ofprizes : 1 2 5 6
amount: $100,000 $40,000 $8,000 $7000
probab:1/1,000,000 1/50,000 1/10,000 1/1000

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

Question

A company offered these prizes and corresponding probabilities.

#ofprizes :      1                  2               5            6
amount:    $100,000       $40,000    $8,000  $7000
probab:1/1,000,000  1/50,000  1/10,000  1/1000

Find the expected value of winning if the tickets are free.. help please :(

amistre64 · Answer

multiply each amount by its prob and add up the results

amistre64 · Answer

1/10 + 4/5 + 8/10 + 7 is what it looks like to me

amistre64 · Answer

might have to work in number of prizes tho; i didnt see tha tpart

anonymous · Answer

yea this problem has me stumped ughhh i dont understand it AT ALL

amistre64 · Answer

stattrek usually has a good rundown of this stuff ...

anonymous · Answer

lol huh?

amistre64 · Answer

its a website that usually pops up on the google, i think we multiply those results i came up with by how many there are .... but thats a foggy memory for me

anonymous · Answer

so i multiply those numbers by 4?

anonymous · Answer

add them all then multiply by 4?

amistre64 · Answer

:          1                     2                 5              6
:     $100,000       $40,000       $8,000     $7000
  1/1,000,000      1/50,000     1/10,000   1/1000

just multiply each column  and add the results is what im sure i remember of this

anonymous · Answer

thanks lemme try!