SOLUTION: One thousand raffle tickets are sold for ​$4 each. Three prizes will be​ awarded, one for $ 500 and two for $ 200. Assume that the probability that any given ticket is
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Question 1120677: One thousand raffle tickets are sold for $4 each. Three prizes will be awarded, one for $ 500 and two for $ 200. Assume that the probability that any given ticket is selected for the $ 500 prize is StartFraction 1 Over 1 comma 000 EndFraction
and the probability that any given ticket is selected for a $ 200 prize is StartFraction 2 Over 1 comma 000 EndFraction
. Winners do not have their ticket costs of $4 refunded to them. Jennifer purchases one of these tickets. Complete parts (a) and (b) below.
(a) Determine Jennifer's expected value.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
\ +\ 0.002(200\ -\ 4)\ +\ 0.997(-4.00))
Just do the arithmetic.
John
My calculator said it, I believe it, that settles it
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