SOLUTION: At a raffle, 100 tickets were sold at $1.00 each for three prizes of $25, $10, and $5. Find the expected value

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Question 393664: At a raffle, 100 tickets were sold at $1.00 each for three prizes of $25, $10, and $5. Find the expected value
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
At a raffle, 100 tickets were sold at $1.00 each for three prizes of $25, $10, and $5. Find the expected value
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Let x be expected winnings of the player.
Values of x are 24,9,4,-1 dollars
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Probabilities are (1/100),1/100,1/100,97/100
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Expected winnings = [24 + 9 + 4 - 97]/100 = -60 cents
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Cheers,
Stan H.