Reader's Digest Ran a Sweepstakes in Which Prizes Were Listed

question 9

Essay

Reader's Digest ran a sweepstakes in which prizes were listed along with chances of winning: $1,000,000 (1 chance in 90,000,000), $100,000 (1 chance in 110,000,000), $25,000 (1 chance in 110,000,000), $5,000 (1 chance in 36,667,000), and $2,500 (1 chance in 27,500,000). Assuming that there is no cost of entering the sweepstakes, find the expected value of the amount won for one entry. If the cost of entering the sweepstakes is the cost of a postage stamp, is it worth entering the contest?

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Definitions:

Pioneer Plant Species

Plants that are the first to colonize disturbed or new habitats, initiating ecological succession.

Seed Dispersal

Seed dispersal is the process by which seeds are spread from their parent plant to new locations for germination and growth, involving mechanisms like wind, water, animals, or explosive release.

Life Cycles

The series of changes in the life of an organism, including reproduction, growth, and eventually, death.

Nutrient Rich Soil

Soil that has a high content of essential nutrients required for plant growth, typically including nitrogen, phosphorus, and potassium.