SOLUTION: if melinda buys two tickets at the spring fling since there is a $1000 prize, one $500 prize, and five $100 prizes. there were a total of 1000 tickets sold at $3 each. what is mel
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Question 925953: if melinda buys two tickets at the spring fling since there is a $1000 prize, one $500 prize, and five $100 prizes. there were a total of 1000 tickets sold at $3 each. what is melinda's expectation
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
if melinda buys two tickets at the spring fling since there is a $1000 prize, one $500 prize, and five $100 prizes. there were a total of 1000 tickets sold at $3 each. what is melinda's expectation
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Random winning values:::..... 994........494.......94.......-6
Matching probabilities::..... (2/1000)..(2/1000)..10/1000..986/1000
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E(x) = [2*994 + 2*494 + 10*94 - 6*986]/1000
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= -2000/1000
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= -$2.00
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Cheers,
Stan H.
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