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math exercise (no prize for this :)

Posted By: Maik Stiebler
Date: Monday, 9 May 2011, at 6:16 p.m.

In Response To: math exercise (no prize for this :) (Bob Koca)

Assuming randomly chosen entries what is the expected payout as a function of N?

Rory pays every winner exactly 50$, unless there is exactly one winner, which happens with p=N/7280.*(7279./7280.)^(N-1), in which case he pays an additional 50$.

Thus, the total expected payout is ((50./7280.)*N+50.*N/7280.*(7279./7280.)^(N-1))$. For every participant, the expected payout is ((50./7280.)+50./7280.*(7279./7280.)^(N-1))$.

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