SOLUTION: Tickets for a raffle cost $7. There were 817 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1600 and also the person is given back the cost
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-> SOLUTION: Tickets for a raffle cost $7. There were 817 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1600 and also the person is given back the cost
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Question 1020324: Tickets for a raffle cost $7. There were 817 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1600 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 places. Answer by Fombitz(32388) (Show Source):
