SOLUTION: Hello is anyone here to help me I really can use some help please thank you
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 w
Algebra ->
Customizable Word Problem Solvers
-> Misc
-> SOLUTION: Hello is anyone here to help me I really can use some help please thank you
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 w
Log On
Question 199667: Hello is anyone here to help me I really can use some help please thank you
1000 raffle tickets are sold at $3 each. One grand prize of $100 and two consolation prizes of $75 will be awarded. Find Jake’s expectation if he purchases one ticket. Answer by edjones(8007) (Show Source):
You can put this solution on YOUR website! 100+2(75)=$250 prize money
1000*3=$3,000 total money paid for tickets.
250/3000=1/12 returned as prize money.
3 * 1/12 = .25 prize money per ticket.
-3.00+.25= -$2.75 Jake's expectation on a $3.00 ticket.
.
Ed
