SOLUTION: Ten thousand raffle tickets are sold. One first prize of $2000, 4 second prizes of $800 each, and 10 third prizes of $400 each are to be awarded, with all winners selected randoml

Question 1032825: Ten thousand raffle tickets are sold. One first prize of $2000, 4 second prizes of $800 each, and 10
third prizes of $400 each are to be awarded, with all winners selected randomly. If you are given
one ticket, what are your expected winnings?
A) $230
B) $255
C) $500
D) $260
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Ten thousand raffle tickets are sold. One first prize of $2000, 4 second prizes of $800 each, and 10 third prizes of $400 each are to be awarded, with all winners selected randomly. If you are given one ticket, what are your expected winnings?
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Random "winnings":: ......2000.......800......400.....0
Probabilities::..........1/10^4....4/10^4..10/10^4....9985/10^4
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E(x) = [2000 + 4*800 + 4000 + 9985*0]/10^4 = 9200/10000 = $0.92
-----
Why that answer?
What was the pice of each ticket? Your post says it was zero.
Was it?
----------------
Cheers,
Stan H.
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A) $230
B) $255
C) $500
D) $260
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