A magazine subscription service is having a contest in which the prize is 80,000. if the company receives 1 million entries, wha
1 answer:
Answer:
Expectation of the contest = $0.08
Step-by-step explanation:
Amount of the contest prize = $80000
Total entries received = 1 million
Probability of winning the contest =
Expectation of the contest will be determined by the formula
P = (winning amount) × (probability to win the contest)
=
= $0.08
Therefore, the expectation of the contest will be $0.08.
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