SOLUTION: I am not sure I got this correct here is the word problem:
One thousand raffle tickets are sold for $2.00 each. One grand prise of $800 and two consolation prizes of $100 each wil
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-> SOLUTION: I am not sure I got this correct here is the word problem:
One thousand raffle tickets are sold for $2.00 each. One grand prise of $800 and two consolation prizes of $100 each wil
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Question 387353: I am not sure I got this correct here is the word problem:
One thousand raffle tickets are sold for $2.00 each. One grand prise of $800 and two consolation prizes of $100 each will be awarded. Samuel purchaases one ticket. Find the expected value. (Show ALL your work in full or credit will not be given)
This is waht I have but I am not sure I did it correct. Please help me :)
1/1000 * 798 + 2/1000 * 98 + 997/1000 * -2
= .798 + .196 - 1.994 = .764
so Samuels expected value is .76 cents.
Is this correct? If not can anyone help me out.
Thank you very much. Answer by stanbon(75887) (Show Source):
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