SOLUTION: Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded. Sophia purchases one ticket, what is her expected value?

SOLUTION: Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded. Sophia purchases one ticket, what is her expected value?

Algebra.Com

Question 1118769: Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded. Sophia purchases one ticket, what is her expected value?
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Her probability of winning is 1/900.

On average, she'll lose approximately 33 cents.

RELATED QUESTIONS
Nine hundred raffle tickets are sold for $2 each. One prize of $1500 will be awarded.... (answered by Fombitz)

PlEASE help! Raffle tickets. One thousand raffle tickets are sold for $1 each. One... (answered by stanbon)

PlEASE help! Raffle tickets. One thousand raffle tickets are sold for $1 each. One... (answered by stanbon)

In a raffle where 3500 tickets are sold for $2 each, one prize of $4800 will be awarded.... (answered by math_tutor2020)

One thousand raffle tickets are sold for $1.00 each. One grand prize of $400 and two... (answered by stanbon)

One thousand raffle tickets are sold for $2.00 each. One grand prize of $800 and two... (answered by solver91311)

One thousand raffle tickets are sold for $5.00 each. One grand prize of $1000 and two... (answered by ewatrrr,Edwin McCravy)

One thousand raffle tickets are sold for $2.00 each. One grand prize of $500 and two... (answered by stanbon)

One thousand raffle tickets are sold for $5.00 each. One grand prize of $800 and two... (answered by ccs2011)