SOLUTION: What is the expected value of one of 700 tickets in a raffle for a prize of $ 1400?

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Question 206399: What is the expected value of one of 700 tickets in a raffle for a prize of $ 1400?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What is the expected value of one of 700 tickets in a raffle for a prize of $ 1400?
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Assuming that you pay nothing to play the game
the expected value is (1/700)*1400 = $2
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Cheers,
Stan H.