SOLUTION: A charitable organization is selling raffle tickets for $4 . The first prize a laptop computer valued at to us $2210 second prize is an electric scooter valued at $970. The remai
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Question 934890: A charitable organization is selling raffle tickets for $4 . The first prize a laptop computer valued at to us $2210 second prize is an electric scooter valued at $970. The remaining prizes are 35 third prize gift certificates each valued at $35.suppose 2500 tickets were sold and you bought 1 ticket what is the expected value of your gain or loss? Express your answer in dollars and cent's rounded to the nearest penny I.e. 2 decimal places
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A charitable organization is selling raffle tickets for $4 .
The first prize a laptop computer valued at to us $2210
second prize is an electric scooter valued at $970.
The remaining prizes are 35 third prize gift certificates each valued at $35.
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suppose 2500 tickets were sold and you bought 1 ticket
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what is the expected value of your gain or loss?
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Express your answer in dollars and cent's rounded to the nearest penny I.e. 2 decimal places
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Random "winnings":::....2206....966....31(35 times)...-4
Probabilities::::::::::: 1/2500..1/2500..35/2500.....2463/2500
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Expected "winnings" = [2206 + 966 + 1085 - 9852]/2500 = -$2.24
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Cheers,
Stan H.
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