document.write( "Question 1206326: A raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize $8600.00
\n" ); document.write( ", 2 prizes of $660.00 , 4 prize of $56 and 10 prizes of $20\r
\n" ); document.write( "\n" ); document.write( "Suppose 15000 raffle tickets are sold, if you buy one ticket for $2.00 then what is your expected value for this raffle? \n" ); document.write( "

Algebra.Com's Answer #843690 by ikleyn(52776) $\"\"$ $\"About$

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\n" ); document.write( "A raffle is being held at a benefit concert. The prizes are awarded as follows: 1 grand prize $8600.00,
\n" ); document.write( "2 prizes of $660.00, 4 prize of $56 and 10 prizes of $20.
\n" ); document.write( "Suppose 15000 raffle tickets are sold, if you buy one ticket for $2.00
\n" ); document.write( "then what is your expected value for this raffle?
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document.write( "The probability to win 1 grand prize is ;\r\n" );
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document.write( "the probability to win one of the two prizes of $660 is ;\r\n" );
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document.write( "the probability to win one of the four prizes of $56 is ;\r\n" );
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document.write( "the probability to win one of the ten prizes of $20 is .\r\n" );
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document.write( "Therefore, the expected value of the raffle is\r\n" );
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document.write( "    E =  - 2 =  = -1.3104  (precise value !).\r\n" );
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document.write( "                                                                     (the typo is just fixed)\r\n" );
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document.write( "It means that playing this game many times, the gamer will lose about $1.31 per game, in average.\r\n" );
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\n" ); document.write( "\n" ); document.write( "If you want to see other similar and different problems on mathematical expectations
\n" ); document.write( "playing games, for entertainment or for learning, look into these lessons\r
\n" ); document.write( "\n" ); document.write( "    - Math expectation of winning in games problems \r
\n" ); document.write( "\n" ); document.write( "    - Math expectation of winning in lottery problems \r
\n" ); document.write( "\n" ); document.write( "    - Math expectation of winning in games with rolling pair of dice \r
\n" ); document.write( "\n" ); document.write( "in this site.\r
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