# A lottery is to be conducted in which 10,000 tickets are to be sold for \$1 each. Six winning tickets are to be randomly selected:

A lottery is to be conducted in which 10,000 tickets are to be sold for \$1 each. Six winning tickets are to be randomly selected: one grand prize winner of \$5000, one second prize winner of \$2000, one third prize winner of \$1000 and three other winners of \$500 each.

Q16. Let X represent the net winnings of a person who purchases one ticket in the lottery. Obtain the probability distribution of X and compute P(X=-1) a) 0.0003 b) 0.0001 c) 1.00 d) 0.9994

Q17. Compute the expected net winnings from buying a ticket in the lottery. a) 0.05 b) 1.05 c) -0.05 d) -1.05

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