SOLUTION: Could you please help me with this? Thank you
1000 tickets for prizes are sold for $2 each. Seven prizes will be awarded – one for $400, one for $200, and five for $50. Steven p
Algebra.Com
Question 145212This question is from textbook
: Could you please help me with this? Thank you
1000 tickets for prizes are sold for $2 each. Seven prizes will be awarded – one for $400, one for $200, and five for $50. Steven purchases one of the tickets.
400(1/1000) + 200(1/1000) + 50(5/1000) – 2(993/1000) = -1.14
a) Find the expected value expected value is -$1.14
b) Find the fair price of the ticket. ?????
This question is from textbook
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
a) You are correct.
b) To find the fair price, replace the 2 with x and the -1.14 with 0 (since a "fair" price means that the player will break even) to get
Multiply
Combine like terms
Subtract from both sides
Multiply both sides by to completely isolate x
Multiply
Use a calculator to approximate the fraction
Round to the nearest hundredth
So the fair price of the ticket is about 86 cents.
RELATED QUESTIONS
Hello, Can someone please help me with this problem, I am confused. I really need your... (answered by ewatrrr)
How would you put this in expected value and fair price of ticket?
1000 tickets for... (answered by Edwin McCravy)
My teacher allow me to re-take my quiz and I still got this problem incorrect please show (answered by scott8148)
I am not sure I got this correct here is the word problem:
One thousand raffle tickets... (answered by stanbon)
not sure if this is right
6. (4 pts)
1000 tickets for prizes are sold for $2 each.... (answered by solver91311)
1000 tickets for prizes are sold for $2 each. Seven prizes will be awarded – one for... (answered by edjones)
1000 tickets for prizes are sold for $2 each. Seven prizes will be awarded – one for... (answered by stanbon)
Hello, Can you please help me.
One thousand raffle tickets are sold for $1.00 each.... (answered by ewatrrr)
Please help. I cannot figure this out and the examples in my text book does not help at... (answered by stanbon)