Averaging percentages problem. Need help please.

[alexf]

You buy a lottery ticket which has a 24% chance for you to win $8.50, a 26% chance to win $17, a 26% chance to win $25.5, an 8% chance to win $13, an 8% chance to win $26, and an 8% chance to win $39. What is the average amount of money you will win from this lottery ticket?

How do i solve this problem?

 

[wjm11]

You buy a lottery ticket which has a 24% chance for you to win $8.50, a 26% chance to win $17, a 26% chance to win $25.5, an 8% chance to win $13, an 8% chance to win $26, and an 8% chance to win $39. What is the average amount of money you will win from this lottery ticket?

First, change the percents into decimal numbers: 8% = .08, for example.

Next, multiply that times the expected winnings: (.08)($13), for example.

Add the answers together. That's it (if you don't include ticket cost).

If you are including ticket cost, you must subtract that from the winnings.

 

[alexf]

thank you