SOLUTION: Hello, Can you please help me.
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 purcha
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-> SOLUTION: Hello, Can you please help me.
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 purcha
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Question 361981: Hello, Can you please help me.
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.
Thank you,
Confused Answer by ewatrrr(24785) (Show Source):
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
