SOLUTION: Tickets for a raffle cost $15. There were 621 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800. For someone who buys a ticket, what is t

Algebra.Com
Question 1200327: Tickets for a raffle cost $15. There were 621 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal places.
Expected Value = $
Answer by ikleyn(52793)   (Show Source): You can put this solution on YOUR website!
.
Tickets for a raffle cost $15. There were 621 tickets sold.
One ticket will be randomly selected as the winner, and that person wins $1800.
For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer.
Express the answer rounded to two decimal places.
~~~~~~~~~~~~~~~~~~~ 

Expected Value =  = -12.10 dollars  (rounded).    ANSWER

Solved.

The formula is self-explanatory due to its structure.



RELATED QUESTIONS

Tickets for a raffle cost $7. There were 640 tickets sold. One ticket will be randomly... (answered by Fombitz)
Tickets for a raffle cost $12. There were 713 tickets sold. One ticket will be randomly... (answered by CPhill,ikleyn,greenestamps)
Tickets for a raffle cost $15. There were 758 tickets sold. One ticket will be randomly... (answered by ikleyn,math_tutor2020)
Tickets for a raffle cost $7. There were 817 tickets sold. One ticket will be randomly... (answered by Fombitz)
Tickets for a raffle cost$14. There were 834 tickets sold. One ticket will be randomly... (answered by stanbon)
Tickets for a raffle cost $18. There were 757 tickets sold. One ticket will be randomly... (answered by mccravyedwin,ikleyn,greenestamps)
Tickets for a raffle cosr $ $14. There were 834 tickets sold. One ticket will be... (answered by stanbon)
A local craft fair is having a raffle for a grand prize of $250. There are 166 raffle... (answered by edjones)
One thousand tickets are sold at $2 each. One ticket will be randomly selected and the... (answered by Boreal,greenestamps)