Q) Suppose you have bought a $20 raffle ticket. 100000 tickets have been soldnumbered 00000-99999. Your ticket number is 75555. One ticket number will be drawn at random and the following prizes will be awarded. a grand prize of $1000.000 for the person with the ticket that matches ticket number exactly. several prizes of $1000 for people whose ticket numbers match on the last 3 digits butnot on all 5 digits) [For example you would win $1000 if the winning ticket number were 00555 or 25555.]
(a) What is the expected value of your ticket(b) Suppose your friend has learned the winnmg ticket number and teases youby telling you that it contains exactly 4 fives. Although this doesn t guarantee that youhave won a prize it clearly improves your chances. Given this additional informationwhat is the new expected value of your ticket?(Hint: How many different 5-digit ticket numbers have exactly 4 fives?)
