The state of Oregon wishes to design a new lottery game with the following rules: 1.Each ticket costs $5 2.There will be three prizes: $10, $100 and $1000 3.The probability of the $10 prize will be 20%. 4.The probability of the $100 prize will be 1% 5.Ten thousand tickets will be sold each month.
What should the probability for the $1000 prize be set at, if the state would like, on average, to earn $10,000 each month?
The Attempt at a Solution
$10000 is the average profit of a month, total income of a month is $50000, total prize of a month is 10*0.2*10000+100*0.01*10000= $30000, this isn't include the 1000 prize
so: 10000=50000-30000-1000*x*10000, x=0.001
can someone check this right or not? Thanks