SOLUTION: PLEASE HELP!!!!
Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3000 tickets are sold at $1 each, find the expected net winnings in do
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Question 675571: PLEASE HELP!!!!
Suppose a charitable organization decides to raise money by raffling a trip worth $500. If 3000 tickets are sold at $1 each, find the expected net winnings in dollars for a person who buys 1 ticket.
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
If he wins, the change in his financial holdings is $.
If he loses, the change in his financial holdings is $.
The probability he will win is ( ticket out of )
and the probability he will lose is .
Therefore, his expected net winnings are:
..........(winning $1 bet).
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