Ask Me Help Desk - Assist with below probability issue

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)

- Math & Sciences (https://www.askmehelpdesk.com/forumdisplay.php?f=402)

- - Assist with below probability issue (https://www.askmehelpdesk.com/showthread.php?t=68699)

Assist with below probability issue

1)
A magazine subscription company runs a contest where the first prize is $100,000 ; second is $50,000 and third is $25,000. If the company receives 1,000,000 entries; what is the expectation for a person who enters the contest? If the entrant must use a 1st class stamp to send the entry, what can you conclude about the cost of entering the contest?

Since the price of a stamp is currently 39 cents.

$\frac{99,999.61}{1,000,000}+\frac{49,999.61}{1,000 ,000}+\frac{24,999.61}{1,000,000}+(-0.39)\frac{999,997}{1,000,000}=-0.215$

One can expect to lose 21.5 cents by playing.

All times are GMT -7. The time now is 04:58 AM.