A lottery corporation sells 100 000 tickets at \$3.00 per ticket.
If the lottery has 2 first prizes worth \$20,000 each, 4 second prizes worth \$5000 each and 10 third prizes worth $500 each, determine the expected profit per ticket for the corporation.
I have no idea where to start, can someone help me please?
Best Answer
Assume all the tickets got sold. Then, the corporation got [ ] dollars from selling the 100,000 tickets and gave away a total of [ ] dollars in prize money. This is a net profit of [ ] dollars with 100,000 tickets sold. How much is that per ticket?
Now, fill in the blanks.