SOLUTION: 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.
A) -$2.7
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-> SOLUTION: 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.
A) -$2.7
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Question 211064: 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.
A) -$2.75 B) -$3.00 C) $0.24 D) $2.75 E) $3.00 Answer by edjones(8007) (Show Source):
You can put this solution on YOUR website! $3000 taken in.
$250 in prizes.
.
250/3000=1/12 of a dollar is returned for every dollar spent.
Jake spends $3.
1/12 * 3 = 1/4 or $.25
-3.00+.25=-2.75 Jake's expectation.
.
Ed
