Statistics Solutions

[All Steps] Promotional Campaign. In a recent promotional campaign, a company offered these prizes and the corresponding probabilities. Find the expected value

Question: Promotional Campaign. In a recent promotional campaign, a company offered these prizes and the corresponding probabilities. Find the expected value of winning. The tickets are free.

Number of prizes Amount Probability

1 $100,000 1/1,000,000

2 $10,000 1/50,000

5 $1,000 1/10,000

10 $100 1/1000

If the winner has to mail in the winning ticket to claim the prize, what will be the expectation if the cost of the stamp is considered? Use the current cost of a stamp for a first class letter.

Price: $2.99
Solution: The downloadable solution consists of 1 pages
Deliverable: Word Document


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