SOLUTION: Tickets for a raffle cost $15. There were 621 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800. For someone who buys a ticket, what is t

Algebra ->  Probability-and-statistics -> SOLUTION: Tickets for a raffle cost $15. There were 621 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800. For someone who buys a ticket, what is t      Log On


   

Question 1200327: Tickets for a raffle cost $15. There were 621 tickets sold. One ticket will be randomly selected as the winner, and that person wins $1800. 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.
Expected Value = $
Answer by ikleyn(52790) About Me  (Show Source):
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Tickets for a raffle cost $15. There were 621 tickets sold.
One ticket will be randomly selected as the winner, and that person wins $1800.
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.
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Expected Value = %281%2F621%29%2A1800+-+15 = -12.10 dollars  (rounded).    ANSWER

Solved.

The formula is self-explanatory due to its structure.