SOLUTION: In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are 2 second price of $50 each and 5 third prizes of $10 each. Jenny buys 1 ticket. How much m

Question 470901: In a raffle 1000 tickets are being sold at $1.00 each. The first prize is $100. There are 2 second price of $50 each and 5 third prizes of $10 each. Jenny buys 1 ticket. How much more than the expected value of the ticket does she pay?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

Expected value of ticket = (1/1000)(99 + 49 +9) - 999/1000 = -.84

 

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