SOLUTION: Hello, Can someone please help me with this problem, I am confused. I really need your help. Thank you One thousand raffle tickets are sold for $1.00 each. One grand prize of $2

Algebra ->  Probability-and-statistics -> SOLUTION: Hello, Can someone please help me with this problem, I am confused. I really need your help. Thank you One thousand raffle tickets are sold for $1.00 each. One grand prize of $2      Log On


   

Question 361978: Hello, Can someone please help me with this problem, I am confused. I really need your help. Thank you
One thousand raffle tickets are sold for $1.00 each. One grand prize of $200 and two consolation prizes of $50 each will be awarded. Jeremy purchases one ticket. Find his expected value. Show your work for full credit.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

$1000 brought in on the raffle, $300 paid out

$300/$1000 = $3/$10 Or $0.30/$1

Jeremy purchases one ticket. 

the expected value of a 1.00 ticket is 30 cents