SOLUTION: One thousand raffle tickets are sold for $2.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expecte
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Question 426216: One thousand raffle tickets are sold for $2.00 each. One grand prize of $800 and two consolation prizes of $100 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
1000 tickets times $2 is $2000. $800 + $100 + $100 = $1000. 1000/2000 = 0.5
Expected value is therefore $0.50
John
My calculator said it, I believe it, that settles it
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