A hospital is organizing a lottery to raise money for cancer research. A ticket costs $ 10 .  They sell  2000000 tickets for 4 levels of prizes: one $ 5 0 0 0 0 0 0 grand prize, three $ 1 0 0 0 0 0 second prizes, ten $ 1000 prizes, and 2000 free tickets for next year's  lottery. What is the expected value of each ticket? Explain its meaning. 

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calculate the expected value of a lottery ticket and what it means Calculating Expected Value Calculate the Probabilities of Winning Each Prize Grand Prize 12000000 Second Prize 32000000 1000 Prize 10... View the full answer