In a particular lottery, 3 million tickets are sold each weak for 50cents apiece. Out of the 3 million tickets, 12 006 are drawn randomly and without replacement and awarded prizes: 12 000 $25 prizes, 4 $10 000 prizes, 1 $50 000 thousand prize and 1 $200 000 prize. If you purchased a single ticket each week, what is the expected value of this game to you.
I really need help on this one, my question is: Do the "high" prizes go first or the "low" prizes? How can we solve this?
NB the answer in the book indicates -30.33 cents.
Any help is appreciated...