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 Algebra -> Algebra -> Real-numbers -> 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      Log On

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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(16897) (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