SOLUTION: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
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Question 364539: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Depends on the price of one ticket.
Let 
represent the price of a ticket.
Then
And the expected return is then:
John
My calculator said it, I believe it, that settles it
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