Question 1051693: Tickets for a raffle cosr
$
$14. There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins
$
$1200 and also the person is given back the cost of the ticket. For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal place
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Tickets for a raffle cost $14.
There were 834 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1200 and also the person is given back the cost of the ticket.
For someone who buys a ticket, what is the Expected Value (the mean of the distribution)?
If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer rounded to two decimal place
------
Random "winnings":: .... 1214....-14
Probabilities:::........1/834...833/834
------------------------------
E(x) =(1214 - 14*833)/834 = -$12.53
--------
Cheers,
Stan H.
----------------
|
|
|
